USD/JPY - Waning Of Bearish Momentum?

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USD/JPY - Waning Of Bearish Momentum?

By James Chen on March 12, 2009 | More Posts By James Chen | Author's Website

Price action on USD/JPY as of Thursday (3/12/2009) morning has shown a substantial descent, and then a clear rejection at support just below the key 96.00 price region. This rejection hints at a waning of bearish momentum, and a possible resumption of the new uptrend.

This potential uptrend resumption, of course, would not be confirmed without a breakout above the 99.65 region, which represents the last swing high.

To the downside, if price goes on to re-break below 96.00, the 94.60 region, which represents the peak in the middle of the double bottom formation, should provide strong further support for the pair.

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