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USDJPY Steadies After Rejection of 100-DMA

USDJPY Steadies After Rejection of 100-DMA

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_usd-jpy_body_Picture_1.png, USDJPY Steadies After Rejection of 100-DMA

Prepared by Christopher Vecchio, Currency Analyst

The USDJPY continues to meander higher after its precipitous plummet on Wednesday, and finds itself holding above crucial 78.60 support, former June swing lows and a level of resistance for most of July. For now, this is the most important level: potential exists for a rally back into 79.10/20 as long as 78.60 holds, whereas a daily close below suggests a move towards 78.10/20 at the minimum. Penetration of the August low at 77.90 will likely result in a washout to new lows with the potential for 77.65/70 and 77.30.

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

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