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 14, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	105
Resistance2:	102.5
Resistance1:	100
Last:	95.72
Pivot:	100
Support1:	93.6
Support2:	91.6
Support3:	87.5

Pivot: 100

Our preference: Short positions below 100 with targets @ 93.6 & 91.6 in extension.

Alternative scenario: Above 100 look for further upside with 102.5 & 105 as targets.

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

105
102.5
100
95.72 (last)
93.6
91.6
87.5

*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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