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USD/JPY Classical 03.24

USD/JPY Classical 03.24

2011-03-24 06:58:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical 03.24

USD/JPY: The latest violent drop-off 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 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.

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

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