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.
Support Comments
90.00 Psycho level
89.69 Feb 11’09 low
87.10 YTD low.
Resistance Comments
91.73 July 13’09 high
93.29 Sept 07’09 high
95.05 Aug 24’09 high
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