USDJPY: Journey To The 87.10 Level Shapes Up.
USDJPY: Having extended its losses triggered off the 93.29 level, its Sept 07’09 high through the 91.73 level and resumed it short term declines, USDJPY is now poised to head further lower focusing on its stronger support zone located at the 87.10 level, marking its double bottom in Dec’08 & Jan’09. Before the 87.10 level, other supports are seen at the 90.00 level, its psycho level and the 89.69 level, marking its Feb 11’09 low with a turn below there accelerating further losses towards the 88.86 level, its falling channel bottom. Its weekly RSI remains bearish and pointing to the downside suggesting additional weakness. On the upside, 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.
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