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USD/JPY Losing momentum?

Posted on October 13, 2009 at 5:24 in Medium & Long Term Techs by César B. Leiceaga

The 23,60 % Fibonacci resistance at 90,30 - 90,50 of the whole bear leg from 97,82 to 87,96 has capped any further rallies in usd/jpy.

The rebound from support has lost strength and the false trendline breakout could indicate a re-test of 88,00 zone over the coming sessions.

A close above 90,50 is needed in order to confirm a bullish push towards 91,00 - 91,70 (38,20 % Fib) resistance area.

Daily USD/JPY chart.

César B.Leiceaga.

Tags: dollar, usdjpy, usdjpy technical analysis, yen

2 Responses to “USD/JPY Losing momentum?”

  1. on 13 Oct 2009 at 6:36 am1A-SOLTANI

    DEAR CESAR

    Totally I agree with you,but with pattern structur that started from 101.4 (09/4/6)it seems the resent correction to 90.4 isnt complited (daily stc. turns up)and higher rally is probablly to 92 zone.
    every break below 89.3 would negate this view and confirm resuming MT downtren.

    REGARD

  2. on 13 Oct 2009 at 7:56 am2César B. Leiceaga

    Dear A-Soltani,

    I agree with your statement.

    Best Regards.

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