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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
USDJPY: Maintaining Corrective Recovery - Following a second-day of upside gains on Tuesday, outlook now remains to the upside towards the 93.89 level, its May 22’09 low.
GBPUSD: Still Targeting Its Minor Resistance - With mild upside gains seeing the pair following through on its Monday strength on Tuesday, our call for a recapture of its minor resistance resting at the 1.6379 level, its July 09’09 high remains in force.
USDJPY
USDJPY: Maintaining Corrective Recovery.
USDJPY: Following a second-day of upside gains on Tuesday, outlook now remains to the upside towards the 93.89 level, its May 22’09 low. Although a form of hesitation was seen in early trading today, USDJPY still largely looks to correct higher nearer term having bottomed out temporarily at 91.73. That leaves the next target above the 93.89 level at the 94.45 level with a clearance of there turning attention to the 96.97 level, its July’09 high and then the 97.40 level, its declining channel resistance where a cap is expected. Above there if seen will expose the 98.88 level, its Jun 05’09 high. On the downside, the 92.70 level, its July 14’09 low and the 91.73 level come in as supports with a clearance of there bringing more declines towards its psycho support at 90.00 level and then the 89.67 level, representing its Feb 11’09 low. On the whole, although a recovery is now shaping up, USDJPY still retains its overall downside bias.
GBPUSD
GBPUSD: Still Targeting Its Minor Resistance.
GBPUSD: With mild upside gains seeing the pair following through on its Monday strength on Tuesday, our call for a recapture of its minor resistance resting at the 1.6379 level, its July 09’09 high remains in force. A loss of there should push the pair further higher towards the its July 03’09 high at 1.6427 and then its YTD high at 1.6742. Above the latter will resume its medium term uptrend and expose the 1.7000 level, its psycho level. Daily studies have both turned higher suggesting further strength. On the other hand, initial support resides at the 1.6031/00 levels with a decline below there allowing the pair to weaken further towards its rising trendlinesupport at 1.5933. Other supports are located at the 1.5798 level, its Jun 08’09 low and then the 1.5374 level, its Jan 08’09 high. All in all, while the pair still retains its medium term upside bias, a close above the 1.6742 level is needed to resume that trend.
