USD/JPY - Weekly Analysis For March 16-20

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USD/JPY - Weekly Analysis For March 16-20

By James Chen on March 16, 2009 | More Posts By James Chen | Author's Website

USD/JPY (a daily chart of which is shown) declined last week to just below 96.00, which represents the approximate level of a key 38.2% retracement level, before recovering some of its losses by the end of the week. Price action continues to be entrenched within a horizontal consolidation, and the upcoming week of March 16-20 should finally provide some directional guidance.

To the upside, the obvious level to watch out for is 99.65, which, if broken significantly, would confirm an uptrend continuation. If this occurs, the 101.50 region should provide a further resistance target.

To the downside, any re-break and close below the 96.00 level would place the current uptrend in some jeopardy, and could subsequently target further support around 94.60.

And any substantial breakdown below that level could potentially invalidate the current confirmed uptrend.

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