US Dollar Japanese Yen Exchange Rate Forecast
TUESDAY, 03 MARCH 2009 16:07:11 GMT
Written by Joel Kruger, Technical Currency Analyst; John Rivera, Currency Analyst; David Song, Currency Analyst
Despite the latest sharp monthly reversal off of the 87.15 matched trend lows from December and January, the market remains confined to a prominent downtrend with the current rebound merely classed as corrective. A daily double bottom has been triggered, and ultimately we project additional gains back towards the 104.00 area (measured move objective/20-Month SMA), from where a fresh lower top is sought ahead of the next downside extension back below 87.15 to expose the 79.70 historic lows from April 1995. More Details..................
Despite the latest sharp monthly reversal off of the 87.15 matched trend lows from December and January, the market remains confined to a prominent downtrend with the current rebound merely classed as corrective. A daily double bottom has been triggered, and ultimately we project additional gains back towards the 104.00 area (measured move objective/20-Month SMA), from where a fresh lower top is sought ahead of the next downside extension back below 87.15 to expose the 79.70 historic lows from April 1995. More Details..................
No comments:
Post a Comment