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USD/JPY Classical 02.02

USD/JPY Classical 02.02

2011-02-02 06:59:00
Joel Kruger, Technical Strategist
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USDJPY_CLassical_body_jpy2.png, USD/JPY Classical 02.02

USD/JPY:The market appears to be locked in some consolidation with clear directional bias not easily determined. The latest rally has stalled out by the Ichimoku cloud top to suggest that the pressure still remains on the downside for now. Tuesday’s daily close back below 82.00 should accelerate declines and expose the multi-year lows from 2010 just ahead of 80.00, while only back above 83.70 will relieve downside pressures and shift structure back to the topside. In the interim, we remain sidelined and await a clearer signal.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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