USD- JPY: Still Susceptible To Downside

By Mohammed Isah of fxtechstrategy.com

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.

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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.