USD/JPY Testing Support

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

Price action on USD/JPY, a daily chart of which is shown, has just descended to test support around the key 96.00 level before making a modest rebound back up as of Tuesday (6/16/2009) morning. This occurs after price respected a long-term downtrend resistance line extending from the August 2008 head & shoulders high. Current downside support continues to reside in the 96.00 price region, a breakdown of which could easily target further support around 94.50. Dynamic resistance continues to reside around the noted long-term downtrend line. Any subsequent breakout above that trendline has a clear resistance target around the 99.70 price region.

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