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USD/JPY Classical Technical Report 09.06

USD/JPY Classical Technical Report 09.06

2011-09-06 06:19:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical Technical Report 09.06

USD/JPY:Although the market recently broke 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. The latest daily close back above 77.30 encourages recovery outlook (despite the ensuing drop) and we look for additional upside over the coming sessions back towards critical short-term resistance by 80.25. Back above 77.70 should confirm and accelerate while ultimately, only a daily close below 76.50 delays constructive outlook.

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

If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@dailyfx.com and you will be added to the "distribution" list.

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