The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- With continued bearish threats seen, further weakness is expected to shape up in the dollar against the Japanese yen toward the 2011 low at 75.92.
A decisive clearance of that level will eventually resume its long-term downtrend toward the psychological supports of 74.00 level and then 73.00.
On the upside, USD-JPY will have to break and close above the 80.19 level traded on Aug. 4 to end its present bearishness and create scope for more gains toward the July 8 high of 81.47. Further resistance lies at 82.21 and then the April 18 high of 83.27.
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All in all, USD-JPY remains biased to the downside as it looks to resume its long-term downtrend.
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.