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FXTechstrategy Team

Special Focus On USDJPY

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USDJPY: Broader Bias Points Lower.

 

USDJPY: The risk continues to point to the downside as USDJPY holds on its medium term downside bias. This leaves USDJPY targeting the 77.88/66 levels. A violation of here will aim at the 77.00 level, its psycho level. Below here will call for more declines towards the 77.35 level and then the 76.49 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair must break and hold above the 79.64 level to annul its present bearishness. This could push the pair further towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside with risk towards its key support.

 

usdjpy2200000000000.gif

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USDJPY: Though facing corrective recovery threats triggered from the 77.13 level, it continues to hold on to its medium term downtrend. As long as it continues to hold below its falling trendline (red), this view remains valid. This leaves the risk of a return to the 77.13/00 levels on the cards. Below here will call for more declines towards the 76.49 level and then the 76.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must break and hold above the 79.64 level and its declining trendline to put on hold its medium term downtrend. This could push the pair further lower towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside medium term despite its current recovery attempts.

 

usdjpy2200000000000.gif

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USDCAD: Shooting Star Candle Surfaces.

 

USDCAD: The pair may have closed higher on Thursday but left a lot to be desired after it printed a shooting star candle pattern. This candle pattern is both negative and upside reversal signal suggesting the pair may have ended its correction. This will leave USDCAD targeting the 0.9692 level where a violation will call for more declines towards the 0.9631/00 levels. A break will aim at the 0.9500 level and possibly the 0.9450 level. Alternatively, the pair will have to return above 0.9815 level to resume its correction. Further resistance lies at the 0.9945 level. This if seen could propel it further towards the 1.0000/83 levels. All in all, the pair remains biased to the downside in the medium term though facing recovery risks.

 

usdcad20000.gif

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USDCAD: Shooting Star Candle Surfaces.

 

USDCAD: The pair may have closed higher on Thursday but left a lot to be desired after it printed a shooting star candle pattern. This candle pattern is both negative and upside reversal signal suggesting the pair may have ended its correction. This will leave USDCAD targeting the 0.9692 level where a violation will call for more declines towards the 0.9631/00 levels. A break will aim at the 0.9500 level and possibly the 0.9450 level. Alternatively, the pair will have to return above 0.9815 level to resume its correction. Further resistance lies at the 0.9945 level. This if seen could propel it further towards the 1.0000/83 levels. All in all, the pair remains biased to the downside in the medium term though facing recovery risks.

 

usdcad20000.gif

 

 

is that 200-day MA?

and what about fundamental side of analysis?

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USDJPY: As referenced in our previous analysis of the possibility of the pair failing at or ahead of its trendline resistance (red), we are currently seeing that happening. This development has turned the risk lower with the possibility of recapturing its key support at the 77.13/00 levels. A cut through here will target further declines towards the 76.49 level and then the 76.00 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair must break and hold above the 79.64 level to halt its broader bearishness. This if seen could push the pair further lower towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside in the medium term.

 

usdjpy2200000000000.gif

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USDJPY: With USDJPY continuing to be weak and vulnerable, further declines cannot be ruled out. As long as it holds below its falling trendline (red), this view remains valid. This leaves the risk of an eventual return return to the 77.13/00 levels on the cards. Below here will call for more declines towards the 76.49 level and then the 76.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must break and hold above the 79.64 level and its declining trendline to put on hold its medium term downtrend. This could push the pair further lower towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside medium term despite its current recovery attempts.

 

eurusd200000.gif

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USDJPY: The pair is now seen back above its falling trendline and targeting the 79.64 level. USDJPY will have to hold above here on a daily closing basis to convince the market of further upside gains. This if seen could push the pair further higher towards the 80.59 level where a breach will turn attention to the 81.77 level. Alternatively, a failure to hold on to its present upside offensive could mean a return to the 77.13/00 levels. If however, this fails, expect USDJPY to weaken further towards the 76.49 level and then the 76.00 level. All in all, USDJPY faces further bull pressure.

 

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USDJPY: With a follow through higher currently seen and a break above the 79.64 level occurring, further bullish offensive is expected. This development will leave USDJPY targeting its psycho level at 80.00 level where a breach will turn focus to the 81.77 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 79.64 level initially where we may see a reversal of roles. However, if this level breaks, expect the pair to decline further towards the 78.63 level. Further down, support resides at the 77.13/00 levels with a cut through here targeting further declines towards the 76.49 level. All in all, USDJPY remains biased to the upside short term

 

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USDJPY: The pair has triggered its bullish offensive and presently threatens further upside. As long as the pair holds above the 79.64/21 levels, its broader upside bias remains intact. With that said, further strength is now likely towards the 80.59 level where a breach will turn attention to the 81.77 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, a failure to hold on to its present upside offensive could mean a return to the 79.64/21 levels. Further down, support lies at the 77.13/00 levels. If however this fails, expect USDJPY to weaken further towards the 76.49 level. All in all, USDJPY faces further bull pressure.

 

usdjpy2200000000000.gif

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USDJPY: With a second day of upside offensive seeing the pair breaking and holding above the 80.65 level to resume its medium term uptrend, further strength is envisaged. The 81.00 level is now being targeted with a violation of here opening the door for a run at the 81.77 level and possibly higher towards the 82.00 level. Alternatively, a failure of the 79.21/09 levels to hold could trigger further declines towards the 78.00 level. Further down, support lies at the 77.13/00 levels. All in all, USDJPY still faces corrective threats.

 

usdjpy2200000000000.gif

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USDJPY: With USDJPY bullish and threatening further upside, a move higher possibly towards look the 82.82 level is likely. A breach of here will resume its broader medium term uptrend. Further out, resistance resides at 83.30 level, its April 02’2012 high. On the downside, support comes in at the 81.67 level where a respite may occur and turn it higher again. Below here if seen could expose the 80.65 level where a reversal of roles is likely to occur. However, a violation of here will call for a run at the 79.21/09 levels. All in all, USDJPY continues to retain its medium term uptrend.

 

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USDJPY: The pair has resumed its medium term uptrend after ending its corrective recovery. This leaves the pair targeting further upside towards the 84.50 level. Above here will bring further upside offensive towards the 85.00 level and then the 85.80 level, its weekly ema. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 83.30 level, its April 02’2012 high. A cut through here will set the stage for more declines towards the 82.82 level where a reversal of roles should occur and turn it higher. However, if this fails to happen, expect further declines to develop towards the 81.67 level where a respite may occur and turn it higher again. All in all, USDJPY continues to retain its medium term uptrend.

 

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