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USD/JPY Classical Technical Report 08.15

USD/JPY Classical Technical Report 08.15

2011-08-15 04:17:00
Joel Kruger, Technical Strategist
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jpy_techs_body_yen.png, USD/JPY Classical Technical Report 08.15

USD/JPY:Setbacks have stalled out just ahead of the 76.25 record lows from March, with the market dropping to 76.30 ahead of the latest reversal. Given that we are seeing the rate by record lows, we would not at all be surprised to see the formation of a material base in favor of significant upside back towards the 82.00 area over the coming sessions. However, the overall structure still remains bearish and it will take a break back above 80.00 to officially alleviate downside pressures and confirm reversal prospects. Below 76.25 negates.

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

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