USD/JPY - Weekly Forex Analysis For Jun 29 - Jul 3

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USD/JPY - Weekly Forex Analysis For Jun 29 - Jul 3

By James Chen on June 29, 2009 | More Posts By James Chen | Author's Website

USD/JPY (a daily chart of which is shown) broke down below a triangle-like configuration early last week, pulled back to re-test the lower triangle border, and then descended once again. This can be viewed as a potential breakout-pullback-continuation progression that carries some significant bearish potential.

Of course a continuation in the direction of the breakdown would only be confirmed on a significant break below last week’s 94.85 low. If this occurs, a key downside support target resides around the 93.50 price region. Any breakdown below that level could target further major support in the 91.00 region.

To the upside, the lower border of the noted broken triangle should continue to provide dynamic resistance amidst the current bearishness in the pair.

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