20 February 2011 Last Updated on 17 March 2013 Mohammed Isah

Daily Technical Strategist Mar 08-2013 - Written by Mohammed Isah
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USDJPY: Strengths, Resumes Medium Term Uptrend.

USDJPY: With USDJPY rallying through the 94.45 level to resume its broader upside, there is risk of continued strength towards the 96.00 level. A cut through here will call for a run at the 96.50 level where a breach will target the 97.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 94.45 level where a reversal of roles is likely to occur and turn it higher. Further down, support stands at the 93.50 level and then the 93.00 level. A cut through there will aim at the 92.00 level. All in all, USDJPY remains biased to the upside in the medium term.

Daily Analysis

USDCAD: Maintains Above Trendline Support.
USDCAD:  The pair is holding above its trendline it rejected on Monday. This suggests that corrective recovery risk is building up possibly towards the 0.0990 level. A violation will call for a run at the 1.0083 level. Above here will trigger its medium term uptrend followed by the 1.0125 level. On the downside, support comes in at the 0.9885/73 levels where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside in the short term above its trendline support.


Note: This is an excerpt from The Professional Suite, our Daily 7-Currency Research Packagecovering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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