USD/JPY Classical 03.17
USD/JPY:The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.00 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. Back above 81.20 is required to take the immediate pressure off of the downside.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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