Sunday, September 06, 2009

Dollar Bounce After 2nd Target Against Yen

USD/JPY H4 Chart

USD/JPY D1 Chart

Above are Dollar/Yen 4 hour and daily charts. The pair reached the second mentioned in the previous post at 92.24 after breaking the support at 92.54. The 92.24 support triggered strong buying on dollar. The pair went back above 92.24 which now provide support again.

The pair now seems to trapped between low-range support and resistance trendlines with bearish outlook while the price remains below 93.42 resistance. Above 93.42 will suggest a move toward 50% Fibo level at 94.28 near 50 day EMA. The target downside is the 23.6% Fibo level at 90.50 after AB projection at 91.48.

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