Sunday, September 27, 2009

USD/JPY Is On Its Way To Test 87.12

USD/JPY H1 Chart

USD/JPY H4 Chart


Above are USD/JPY monthly, 4 hour, and hourly charts. Since the previous analysis, the pair retraced as high as 92.53 before breaking 90 key support level. I added new channels for the pair as shown in 4 hour chart and H1 chart, and trendlines in monthly chart. The pair bounced and stay within 89.51 and 89.93 range before closing at 89.62 on Friday. I suggest careful approach to enter short position (wait for the break) in case of strong buying on the weak dollar. However, the direction is crystal clear on higher time frames with first support at 87.12 and 79.75 (1995 low) after that.

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