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USD/JPY Classical Technical Report 02.14

USD/JPY Classical Technical Report 02.14

2012-02-14 06:51:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 02.14

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. 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 through next key resistance by 78.00-78.30 further up which represents the 200-Day SMA and the 2012 highs. At this point, only back under 76.50 would negate outlook and give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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