Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 08:04 (GMT) 22 Mar
4CAST TECHNICAL OUTLOOK - USD/JPY - Monday, 22 Mar 2010
Poised for recovery, watch 91.10/92.00 area
Edged down from the 93.78 high, retracing 61.8% of the late-November to early-January rally, to reach 88.14 low. Subsequent rebound has since faltered at the 91.09 high though consolidation below this is seen giving way to fresh strength eventually. Just above this see strong hurdle starting at 91.10 and stretching up to the 92.00 level. This area marks a 12-mth trendline from April 09 high, the 200-day MA and long-term down trendline from the June 2007 top. Clearance of this resistance zone will trigger stronger rally and extend the recovery from the 84.82, November 09 low. Beyond these to target 93.78 (January high) then the 95.00 level. Only breakdown from the 88.14 low to turn focus back to the November low.
