Daily Technical Strategist: USDJPY
USDJPY: Struggling To Corrective Higher.
USDJPY: The pair may have seen a respite after it reversed its earlier intra day loss in early trading today but still remains vulnerable.USDJPY has been under bear pressure since losing upside momentum at the 85.49 level, its April 06’2011 high and collapsing. A build on its present strength could see it strengthen further towards the 83.09 level, its April 20’2010 high. Further out, resistance comes in at the 83.85 level, its daily 200 ema where a cap could occur and turn it back down. On the downside, the risk to this analysis will be a return below the 81.24 level. This will resume its weakness and then target the 80.70 level, its Mar 23’2011 low where a convincing break will call for a run at the 79.75 level, its 1995 low and then its 2011 low at 76.18.
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