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USD/JPY Classical Technical Report 05.23

USD/JPY Classical Technical Report 05.23

2012-05-23 07:04:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_usd.png, USD/JPY Classical Technical Report 05.23

USD/JPY:The market continues to consolidate around 80.00 and is in the process of looking for a medium-term higher low ahead of the next major upside extension back above the yearly highs at 84.20 and towards 90.00 further up. However, for the time being it remains in question whether the market will still head lower towards the 200-Day SMA by 78.50 before ultimately reversing higher. The key level to watch above comes in by 80.60, and a break and close above this level will officially alleviate downside pressures and suggest that a higher low has now been carved in the 79.00's.

--- Written by Joel Kruger, Technical Currency Strategist

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

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