Japanese Yen: Under Pressure

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Japanese Yen: Under Pressure

By Trading Central on July 2, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	104
Resistance2:	102.5
Resistance1:	99.65
Last:	95.99
Pivot:	99.65
Support1:	93.6
Support2:	91.6
Support3:	87.5

Pivot: 99.65

Our preference: Short positions below 99.65 with targets @ 93.6 & 91.6 in extension.

Alternative scenario: Above 99.65 look for further upside with 102.5 & 104 as targets.

Comment: the pair has struck against its bearish channel upper boundary and should reach its next support as the RSI is turning down.

104
102.5
99.65
95.99 (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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