USD/JPY - Weekly Forex Analysis

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USD/JPY - Weekly Forex Analysis

By James Chen on June 1, 2009 | More Posts By James Chen | Author's Website

USD/JPY (a daily chart of which is shown) produced some major whipsaw action towards the end of the past week as bullish price action for the first four days of the week abruptly became bearish at the very end of the week. This bearishness appeared as the U.S. dollar weakened substantially against all other major currencies on Friday.

As a result, Friday’s losses erased all of the significant gains made in the pair on Thursday. For the upcoming trading week of June 1-5, as the dollar potentially continues its weakening trend against other major currencies, the USD/JPY could continue to be weighed down.

To the downside, the key event to watch for would be any breakdown below 93.50, which would be a significant bearish indication potentially targeting further major support around 91.00.

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