25 July 2008
Last Updated on 21 August 2012
Mohammed Isah
USDJPY: Biased To The Upside Above The 78.66/76 Levels.
USDJPY: Although seen backing off higher level prices, as long as its broken resistance at 78.66/73 levels hold as support, the risk remains higher. In such a case, the 80.59 level will be targeted where a breach will turn attention to the 81.77 level and possibly higher. On the downside, the threat is for the pair to return to the 78.66 level where a reversal of roles as support is likely to occur. However, if this fails, the 77.92 level, its July 23’2012 low will be aimed at with break of there opening the door for more declines towards the 77.66 level and next the 77.00 level. All in all, USDJPY remains biased to the upside on corrective recovery though facing bear risks.
This is an excerpt from The Professional Suite.
The Professional Suite is a daily forex technical research report that helps you make quick and smart trading decisions daily.
EURUSD: Weakens For A Third Consecutive Week, Violates The 1.4479/46 Levels
EURUSD- Outlook remains low after the pair extended its doji candle triggered declines the past week pushing it through its strong support levels the 1.4479 level, its 0ct 02’09 high and its Aug 05’09 high at 1.4446 to close lower at 1.4332. With its pattern of higher highs and lows broken halting its medium term uptrend, risk of further downside is now seen towards the 1.4176 level, its Sept 01’09 low with a turn below there paving the way for a run at the 1.4044 level , its Aug 17’09. Further out, support is located at its big psycho level at 1.4000. This view is supported by its weekly studies which are bearish and trending lower suggesting further downside weakness. On the other hand, resistance starts at 1.4444/79 levels where we expect a reversal of roles. If that fails, further upside could shape up towards the 1.4625 level, its Nov 03’09 low and then the 1.4799 level, its Nov 20’09 high. If that level fails to hold, we may see further climb higher towards the 1.4949 level, the back of its invalidated LT rising trendline.
