USD/JPY Classical 02.03
USD/JPY:Despite the latest setbacks below 82.00 which have put the pressure back on the downside, the market remains well bid on dips towards 81.00. A break and close back below 81.30 on Thursday will open the door for fresh downside towards the multi-year lows from late 2010 by 80.25, but at the same time, should the market manage a close back above 82.00, we could see yet another successful basing attempt with the potential for a more significant recovery back towards and eventually beyond 84.50. In the interim, best to stay on the sidelines and await a clearer signal.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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