FXTechstrategy Team
USDJPY: Remains In Consolidation Mode
USDJPY: Remains In Consolidation Mode
USDJPY: Our outlook on USDJPY remains that of consolidation, although USDJPY is broadly biased to the downside in the long term. Support comes in at the 80.16 level, its May 06’2011 low with a breach of that level extending further weakness towards the 79.57 level. Price halt may be seen here as that level coincides with its .618 Fib Ret (76.18-85.49 level. Further down, the 78.00 level, its psycho level and then the 76.18 level, its 2011 low serve as the next downside objectives. Below the 76.16 level will resume its long term downtrend towards the 75.00 level. Alternatively, on a return above the 81.32 level, its May 11’2011 high, the pair will strengthen further towards the 81.70 level, its May 02’2011 high with a violation of there creating scope for more gains towards the 82.80 level, its April 27’2011 high.
USDJPY: Remains In Consolidation Mode
USDJPY: Remains In Consolidation Mode
USDJPY: Our outlook on USDJPY remains that of consolidation, although USDJPY is broadly biased to the downside in the long term. Support comes in at the 80.16 level, its May 06’2011 low with a breach of that level extending further weakness towards the 79.57 level. Price halt may be seen here as that level coincides with its .618 Fib Ret (76.18-85.49 level. Further down, the 78.00 level, its psycho level and then the 76.18 level, its 2011 low serve as the next downside objectives. Below the 76.16 level will resume its long term downtrend towards the 75.00 level. Alternatively, on a return above the 81.32 level, its May 11’2011 high, the pair will strengthen further towards the 81.70 level, its May 02’2011 high with a violation of there creating scope for more gains towards the 82.80 level, its April 27’2011 high.