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06-06-2012, 01:44 PM
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USDJPY: Pressure Builds On the Upside With Eyes On 79.63
USDJPY: A third day of upside recovery is now underway suggesting further gains towards the 79.63 level, its daily 200 ema could be developing. Above here will target the 80.00 level followed by the 81.77 level where a break will signal further upside towards the 82.53 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, though broader risk points lower medium term, it will have to break below the 77.66 level, its Jun 2012 low to annul its present recovery and resume its weakness. Further support stands at the 77.02 level. All in all, USDJPY continues to recover higher following its recent weakness.
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Mohammed Isah Technical Strategist info@fxstrategy.com www.fxtechstrategy.com Note: This is an excerpt from The Professional Suite, our most popular service, a daily 7 currency model technical research package. Get More 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. 
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