USD/JPY Classical Technical Report 02.09
USD/JPY:The market could once again be looking to carve an interim base after setbacks stalled shy of the record lows from October by 75.55. A bullish reversal day from last Friday has shown some decent follow through and the latest daily close back above 77.00 should do a good job of alleviating immediate downside pressures and reintroducing longer-term basing prospects. From here, look for an acceleration of gains back towards next key resistance by 78.30 further up. Back under 76.50 would negate outlook and give reason for concern.
--- Written by Joel Kruger, Technical Currency Strategist
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