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USD/JPY Classical Technical Report 08.22

USD/JPY Classical Technical Report 08.22

2011-08-22 05:34:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical Technical Report 08.22

USD/JPY:Although the market finally managed to break to fresh record lows below 76.00, failure to establish any downside momentum on the break suggests that the market could be looking to establish a more meaningful base. At this point, buying at current levels seems to be a compelling trade, with the market by record lows and likely due for a major reversal. However, we would look for a break and close back above 77.30 at a minimum to strengthen bullish reversal prospects and alleviate immediate downside pressures. Back under 76.00 negates and exposes next key psychological barriers by 75.00 further down.

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

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