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USD/JPY Classical 03.07

USD/JPY Classical 03.07

2011-03-07 07:03:00
Joel Kruger, Technical Strategist
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USDJPY_CLassical_body_jpy2.png, USD/JPY Classical 03.07

USD/JPY:Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00’s. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favor of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days. Intraday setbacks should now be well supported ahead of 81.50.

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

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