Tuesday, 30 June 2009

Forex: USD/JPY falls below 95.60 support

The Yen appreciation against the Greenback has driven the USD/JPY to test the 95.60 support level, after falling 70 pips from yesterday high at 96.28 in the late session. Currently the pair is trading around 95.55/65, 0.60% below today's opening price action.

Rajoo C, analyst at Precise Trader, comments: "USDJPY held the level we suggested and closed @ 9610 which was above the open. The Hourly Oscillators are bullish but weak and price is resting on the MA, so Cautious approach is needed. Hourly Trend is Sideways Down and Daily Trend is Sideways, so expect the price to make lower lows while 9660 level holds. We believe any pull back towards 9660 will be a good short. The patterns on the 5min chart is suggesting that there will be a pull back and 9530 should hold on this leg down. We prefer to hold SHORT near 9620-9660 level or strictly trade at only our levels."

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