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USD/JPY Classical Technical Report 10.24

USD/JPY Classical Technical Report 10.24

2011-10-24 06:08:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 10.24

USD/JPY:Although the market remains largely confined to the 76.00’s, the recent break to fresh record lows below the figure suggests that we still could see additional weakness before any meaningful recovery rally. At this point, a break back above 78.00 will officially be required to alleviate immediate short-term downside pressures, while back below 75.80 will accelerate declines towards major psychological barriers at 75.00.

--- Written by Joel Kruger, Technical Currency Strategist

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

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