USDJPY Channel Intact

by Ashraf Laidi

Jul 20, 2009 11:24

Theres no change in the declining trend of USDJPY despite the recent 300-pip rebound from its 91.70 low. The previous resistance of 94.40 was broken but 95.00 and 95.80 persist as the barriers within the falling channel. The 55 and 200-day moving averages (95.93 & 95.29 respectively) also loom as points of resistance. Unlike in Feb-March, improved Japanese macro data yens advances, with medium term objective standing at 93 and 92 (end of August). The chart is a WEEKLY illustration, which means we may not see sub 92 until month end at the earliest but this also means that recoveries remin short-lived.

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