Friday April 2, 2010 - 17:03:55 GMT
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FXTimes - www.fxtimes.com
FXTimes: Daily Technical Update USD/JPY On to 96.0
USD/JPY: On to 96.0
- Weekly: It has been 2 consecutive strong weeks for
the USD/JPY. Continuing both greenback-strength, and yen-weakness, the
pair broke the neckline of a reverse head and shoulders.
- The stochastic confirms the bullish strength.
- A swing projection targets 96.00 just above the 61.8% retracement.
- The 98.00 (78.6% retracement) is a possible area of resistance as well.
- Finally in the intermediate term, the 100/101 area is the target. A
break above that brings our intermediate bullish outlook to the
- Daily: The daily chart shows that the 96 area is
not only near 61.8% retracement but also 138.2% extended retracement of
the downswing from January to March.
- At the 96.0 area, anticipate topping action and a throwback, which could stay above the 94/93.50 area.
- As we saw in the weekly, the 98.00 level is the next target if 96.00 is reached and followed by a weak throwback.
Commodity Trading Advisor
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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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