Japanese Yen: Capped By A Negative Trend Line

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Japanese Yen: Capped By A Negative Trend Line

By Trading Central on May 12, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	107.5
Resistance2:	105
Resistance1:	101.3
Last:	96.67
Pivot:	101.3
Support1:	96
Support2:	93.6
Support3:	91.6

Pivot: 101.3

Our preference: Short positions below 101.3 with targets @ 96 & 93.6 in extension.

Alternative scenario: Above 101.3 look for further upside with 105 & 107.5 as targets.

Comment: the RSI is capped by a declining trend line, the pair remains on the downside and is challenging its support.

107.5
105
101.3
96.67 (last)
96
93.6
91.6

*USD/JPY Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the JAPANESE YEN. For details go to www.ise.com

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