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USD/JPY Classical Technical Report 10.17

USD/JPY Classical Technical Report 10.17

2011-10-17 06:49:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 10.17

USD/JPY:Has been locked in an intense consolidation over the past several weeks, since breaking to fresh record lows by 75.95, and while we would not rule out the possibility for a continuation of the downtrend, any additional declines are seen as limited. Longer-term technical studies are looking stretched and we anticipate the formation of a major base in favor of an intense upside reversal. Look for a break back above 77.90 to confirm outlook and accelerate. In the interim, any dips towards 75.00 are viewed as an excellent and compelling buy opportunity.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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