USDJPY: Hesitates Ahead Its Channel Resistance.
Tuesday, March 16, 2010
by Mohammed Isah of FXTechstrategy.com
|
|
USDJPY: Hesitates Ahead Of Its Channel Resistance.
USDJPY: USDJPY continues to hesitate ahead of its recent high at the 91.07 level printed on Mar 12’10 as it remains trapped within its long term falling channel in place since April’2009. Our broader bias points lower why USDJPY continues to trade within the mentioned channel with weakness expected towards its Mar 01’10 high at 89.47. A clean break through there will set the stage for further push lower towards its Mar 04’10 low at 88.12 ahead the 87.35 level, its Dec 09’09 low. However, the threats to our analysis will be a break and close above the 91.07 level followed with a decisive violation of its channel resistance at the 91.65 level. Above there will put our downside view on hold and bring further strength towards the 92.13 level, its Feb 19’10 high with a turn above there calling for more gains towards the 93.74 level, its 2010 high. In a nutshell, the pair remains vulnerable to the downside as long as it maintains within its falling channel.
Get Clear-Cut and Efficient Levels To Trade By Subscribing To Our Professional Suite Service
This is an excerpt from FXT Technical Strategist Plus (The Professional Suite package), a 7-currency model analysis utilized by all levels of traders. View the service information
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years.
He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, Thestreet.com, MoneyShow, The Technical analysis of Stocks & Commodities Magazine, Businessinsider and FXstreet.com
At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index. 
