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USD/JPY - Rejected by Support
Posted on March 12, 2009 at 13:46 in Analysis by James Chen

USD/JPY Daily ChartPrice action on USD/JPY as of Thursday (3/12/2009) morning has shown a substantial descent, and then a clear rejection by support just below the key 96.00 price region. This rejection hints at a potential waning of bearish momentum, and a possible subsequent resumption of the new uptrend. This potential uptrend resumption, of course, would not be confirmed without a breakout above the 99.65 region, which represents the last swing high. To the downside, if price goes on to re-break below 96.00, the 94.60 region, which represents the peak in the middle of the double bottom formation, should provide strong further support for the pair.

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