USD/JPY Technical Analysis
Bulbrokers | Dec 22, 2011 03:25AM ET
Movement in the general area of consolidation continues. Correction after falling from 85.52 to 79.57 reached 38.2 percent, followed by a break in the downward direction, as the price moves in the range 75.70 - 80.22. The effect of the last BOJ intervention was short-lasting, as the price now is sliding from 78 towards 77. The upside offers resistances at 80.20 – a peak from the August intervention, 83.30 – pre-earthquake level and 85.80 – peak from April, while the downside is limited by the support at 75.56 – historical bottom from 31.10.
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