Technical Analysis

USD- JPY: Still Susceptible To Downside

 

By Mohammed Isah of fxtechstrategy.com

More on Technical Analysis

Real Money Previews

NEW YORK (TheStreet) -- USD-JPY: Although USD-JPY closed slightly higher the past week, it remains vulnerable to the downside towards 91.58 level, its Apr. 19, 2010 low, while holding below the 92.72 level. On a break of that level, attention will shift to the 88.23 level, its May 6, 2010 low and then the 88.12 level, its Mar. 4, 2010 low.

Alternatively, we will have to see a break back above the 93.63 level, its May 13, 2010 high, to reduce its present downside vulnerability and subsequently open the door for a move towards the 94.76/97 levels, its Apr. 4 and Apr.10, 2010 highs. This should bring gains towards its Aug. 2009 high at 97.77 and next the 101.43 level, its Apr. 2009 high. All in all, USD-JPY remains vulnerable to the downside while holding below the 93.63/92.72 levels.

For a chart on USD-JPY click here.

> > Bull or Bear? Vote in Our Poll

>To order reprints of this article, click here: Reprints

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
Login Try it Free
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Login Try it Free
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Login Try it Free
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
Login Try it Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,454.83 1,317.82 2,837.53 17.45
Oil *
107.26
DOWN
74.92
DOWN
2.86
DOWN
1.85
DOWN
0.14
10 Yr
1.74%
SPDR Gold
152.68
-0.60%
-0.22%
-0.07%
-0.80%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Manage Newsletters
Podcasts

TheStreet Mobile Edition

Connect with TheStreet