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USDJPY Steadies After Rejection of 100-DMA

USDJPY Steadies After Rejection of 100-DMA

2012-08-24 11:59:00
Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_usd-jpy_body_Picture_9.png, USDJPY Steadies After Rejection of 100-DMA

Prepared by Christopher Vecchio, Currency Analyst

The USDJPY is right back where it was last week, slightly lower than expected, given the short-term technical congestion that materialized near the 100-DMA on Tuesday. Nevertheless, the key level today is 78.60, former June swing lows and a level of resistance during most of July. A weekly close below 78.60 today puts 78.10/20 (former lows) in focus. A weekly close above said level gives scope towards 79.10/20.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.