Special Focus On USDJPY

Special Focus On USDJPY

Postby FXTechstrategy Team » Tue Aug 28, 2012 4:27 pm

USDJPY: Recapture Of Key Support Envisaged.

USDJPY: We continue to hold our broader downside bias and look for USDJPY to eventually return to the 77.88/66 levels. A violation of here will aim at the 77.00 level, its psycho level. Below here will call for more declines towards the 77.35 level and then the 76.49 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair must break and hold above the 79.64 level to annul its present bearishness. This could push the pair further towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside with risk towards its key support.
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