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USDJPY Threatening 78.60

USDJPY Threatening 78.60

2012-08-28 15:12:00
Christopher Vecchio, CFA, Senior Strategist
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Daily Bars

eliottWaves_usd-jpy_body_Picture_1.png, USDJPY Threatening 78.60

Prepared by Christopher Vecchio, Currency Analyst

The USDJPY has fallen back today, down to 78.55 at the time this report was written, and is now threatening to close below crucial 78.60 support. This level coincides with former June swing lows and a level of resistance for most of July (note the daily wicks above said level but no closes). 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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