Wednesday December 9, 2009 - 19:22:30 GMT
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FXTimes - www.fxtimes.com
FX Times: Daily Technical Update USD/JPY Testing Powerline
10:06 AM EST
December 9th, 2009
- 4H and 1H: In the most recent weekly post, it was
noted that there was resistance at the 90.80 area. More importantly,
the market is testing the 88.00 area. (Refer to Weekly Technical Update 12.04.09). The decline came in the form of a declining channel and todayâ€™s action shows it may decline further.
- If it does, the 87.20 area is another possible support, and if
there is futher weakness the 86.00 area is the last retracement support.
- Looking at the 1H time-frame, bottoming action can be confirmed by
break of channel resistance. A break above short-term resistance at
88.20 signals reversal.
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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