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Daily Technical Strategist

USDJPY: Breaks The 91.73 Level, Resumes ST Downtrend

Fri, Sep 11 2009, 12:59 GMT
by Mohammed Isah

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HIGHLIGHTS:

USDJPY: Breaks The 91.73 Level, Resumes ST Downtrend - Extension of losses triggered off the 93.29 level, its Sept 07’09 saw the pair decisively breaking its strong support zone located the 91.73/41 area.

EURUSD: Holding On To Gains And Targeting Additional Upside Gains - Outlook for EUR remains higher medium term as it continues to push higher trading as high as 1.4612 on before closing at 1.4501 on Wednesday.

USDJPY

USDJPY: Breaks The 91.73 Level, Resumes ST Downtrend

USDJPY: Extension of losses triggered off the 93.29 level, its Sept 07’09 saw the pair decisively breaking its strong support zone located the 91.73/41 area. This is coming on the back of its Thursday weakness and has now cleared the way for the resumption of its short term downtrend activated at its April’09 high at 101.43.Support starts at the 90.00 level, its psycho level with a turn below there accelerating further losses towards the 89.69 level, marking its Feb 11’09 low and then the 87.10 level, its YTD low. Both its weekly and daily studies are bearish and trending lower suggesting more downside weakness.
Resistance initially lies at 91.73/94 level followed by its Sept 07’09 high at 93.29 and then its Aug 24’09 high at 95.05. On the whole, with the resumption of its short term downtrend now triggered, risk of further downside pressure is likely to be seen.

EURUSD

EURUSD: Holding On To Gains And Targeting Additional Upside Gains.

EURUSD: Outlook for EUR remains higher medium term as it continues to push higher trading as high as 1.4612 on before closing at 1.4501 on Wednesday. It was see building on those gains in early trading today which now leaves upside target at the 1.4719 level, its Dec 18’08 high with a turn above the latter allowing further upside targeting the 1.4875 level, its Sept 21’09 high. Its daily stochasticsand RSI are bullish and trending higher suggesting further strength. On the downside, support begins at the 1.4446 level, its just eroded former resistance where a reverse of roles is expected to turn the pair higher again. However, if that level gives way, we could see further declines towards the 1.4405 level ahead of the 1.4176 level, its Sept 01’09 low. Below there will aim at its MT rising trendlinecurrently seen at 1.4142. Overall, having invalidated the 1.4446 level and activated the resumption of its medium term uptrend, risk further upside gains are expected.

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Published on  Fri, Sep 11 2009, 13:06 GMT

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