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USD/JPY Classical Technical Report 05.12

USD/JPY Classical Technical Report 05.12

2011-05-12 05:59:00
Joel Kruger, Technical Strategist
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USDJPY_CLassical_body_jpy2.png, USD/JPY Classical Technical Report 05.12

USD/JPY:After undergoing a fairly intense drop off from the 85.50 area several days back, the market looks to have finally found some support by the bottom of the daily Ichimoku cloud and could be in the process of carving out some form of a base. Look for setbacks to continue to be well supported in the 80.00’s with only a close back below 79.50 to give reason for concern. From here we see the risks for a fresh upside extension back towards the recent range highs at 85.50 over the coming days. Wednesday’s daily close back above 81.00 provides additional confirmation.

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

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