By Mohammed Isah of fxtechstrategy.com
NEW YORK (
: The dollar-yen currency pair could now target its year-to-date low at 83.58 after it tumbled off the 85.89 level Monday and followed through lower in early trading Tuesday.
A breach of 83.58 will open the door for more downside towards the 82.00 psychological level. If the pair breaks 82.00 the next target will be 81.00.
In order for the dollar-yen pair to remove its current downside pressure, it would need to break 88.11. After that, the next target would be 89.14, with a break there turning attention to 89.68, the broken rising trendline.
All in all, the dollar-yen remains biased to the downside in the medium term.
--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.