Research & Commentary | FXTechstrategy
USDJPY: Takes Out Key Resistance, Eyes Further Upside.
USDJPY: The pair has taken out the 79.78 level, leaving the risk of further upside gains on the cards. The immediate risk points to the 80.52 level and subsequently its April 04’2012 high at 81.85. Further out, resistance resides at the 82.53 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for the pair to turn lower towards its broken resistance at 79.78 level. A reversal of roles a support is expected to occur here but if this level breaks, the 77.66 level will be aimed at. Further down, support lies at the 76.49 level and then the 75.57 level. All in all, USDJPY looks to recover higher in the new week.
GBPJPY: Hesitating Above Broken Falling Channel
GBPJPY: Although GBPJPY continues to face price hesitation and bear threats, as long as it continues to hold above its broken falling channel we see upside risk towards the 133.04 level, its Dec 13’10 high. On further gains, the 134.18 level, its Nov'2010 high will be targeted with a violation of that level resuming its nearer term recovery towards the 137.76 level, its Aug 03'10 high. Further out, resistance stands at the 145.94 level, its April 2010 low. On the other hand, a continued bear pressure could push the cross back into its broken channel. This will turn risk to the 129.33 level, its Nov 30'2010 low with a break setting the stage for a further move lower towards the 127.95 level and probably towards the 126.92 level, its Oct 25'10 low
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