USD/JPY: The latest setbacks have been rather intense, with the market collapsing through the 200 - Day SMA before finally finding support by 77.65. We have since seen attempts at recovery and we contend that the market should continue to break higher, with sights set ultimately on a retest and break of the 2012 highs by UST further up. However, at this point, we will need to see a break and closed back above 80.00 to officially alleviate downside pressures and reaffirm bullish outlook.Wednesday, June 13, 2012
$$USD/JPY, technical report classic 06.13
USD/JPY: The latest setbacks have been rather intense, with the market collapsing through the 200 - Day SMA before finally finding support by 77.65. We have since seen attempts at recovery and we contend that the market should continue to break higher, with sights set ultimately on a retest and break of the 2012 highs by UST further up. However, at this point, we will need to see a break and closed back above 80.00 to officially alleviate downside pressures and reaffirm bullish outlook.
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