By Mohammed Isah of fxtechstrategy.com
NEW YORK (
) -- The dollar-yen currency pair (USD-JPY) continues to head toward its 1995 low at 79.75, as we had predicted.
The dollar-yen pair turned sharply lower through the 80.83 level this past week.
It has strong support at 79.75, but if it break through that level, it would then see further weakness toward 78.00.
For the pair to reverse its preset downside pressure, the pair must trade above 85.92. That would bring gains toward 86.87. A clearance of that level would turn attention to 88.11 and then 89.30.
Overall, the dollar-yen currency pair remains biased to the downside longer term as it is now aiming at the 79.75 level.
--Written by Mohammed Isah.
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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
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.