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USD/JPY Classical Technical Report 01.31

USD/JPY Classical Technical Report 01.31

2012-01-31 07:30:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 01.31

USD/JPY:The higher platform that we had been looking for by 76.55 has now been broken with the market eyeing a direct retest of the record lows from October at 75.55. Overall, we will still be looking for opportunities to be buyers on dips, with longer-term studies warning of a cycle low at some point over the coming months. Our strategy will be to wait for some oversold daily studies and then look to take another shot at the long side. A break back above 76.80 will be required at a minimum to relieve downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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

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