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Daily Technical Strategist

USDJPY: Recovery Higher Highlights The 93.08 Level

Mon, Sep 21 2009, 12:25 GMT
by Mohammed Isah

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HIGHLIGHTS:

GBPUSD: Pressure Builds On The 1.6112 level & Beyond - GBP began the week weakening further declining to a low of 1.6132 as the time of this analysis today.

USDJPY: Recovery Higher Highlights The 93.08 Level - Although USDJPY retains its overall downside outlook started off the 101.43 level, nearer term recovery higher triggered at the.

GBPUSD

GBPUSD: Pressure Builds On The 1.6112 level & Beyond.

GBPUSD - GBP began the week weakening further declining to a low of 1.6132 as the time of this analysis today. As indicated in our weekly analysis of a possible downside pressure targeting the 1.6112 level, its Sept 02’09 low, that level is currently being eyed and an eventual violation of there will clear the way for a run at the 1.5982 level, which marks its July 08’09 and then the 1.6742 level, its July 30’09 high.
Its daily and weekly studies are bearish and pointing lower suggesting further weakness. To the topside, immediate support lies at its trendlinebreakout point at 1.6384 where a break will push the pair further higher towards the 1.6740 level, its Sept 11’09 high and then its YTD high residing at the 1.7041 level. |
Violating the latter level will resume its medium term uptrend now on hold. On the whole, with the pair being challenged reversing its previous week gains, potential exist for further downside weakness in the days ahead.

USDJPY

USDJPY: Recovery Higher Highlights The 93.08 Level

USDJPY - Although USDJPY retains its overall downside outlook started off the 101.43 level, nearer term recovery higher triggered at the 90.11 level, its Sept 16’09 low following its recent declines now looks to target the 93.08 level, its July 22’09 low. This is coming on the back of its break sharply higher today.
We envisage a reversal of roles at the mention level thereby turning the pair lower again but if this fails to occur, we could witness further recovery higher towards its channel resistance at 94.08. Its daily studies are bullish and pointing higher supporting this view. On the other hand, support lies at the 91.63 level, its Sept 15’09 high with a loss of there creating scope for further declines towards the 90.11 level, its Sept 16’09 low. Decisively penetrating the latter will resume its short term declines towards the 89.69 level, its Feb 08’09 low. On the whole, although recovering higher nearer term, its overall short term declines off the 101.43 level remains to the downside as long as it is trapped within its declining channel.

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Published on  Mon, Sep 21 2009, 12:33 GMT

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