Forex Technical Update
USD/JPY 1H Chart 11:23AM EDT 9/5/2012
Since falling after Bernanke's speech at Jackson Hole, USD/JPY has remained in consolidation, trading in a slightly rising channel seen in the 1H chart. The US Dollar has been bearish against the Japanese yen since mid-March, when the pair found a high at 84.20, but has lost momentum since finding support at 77.60 on June 1.
The snapshot in the 1H chart shows a market with a bit of bearish bias, as the held under the 200-hour SMA, with price action now pushing below the near-term rising channel.
This shows that the focus is still back toward 0.78, and possibly lower, toward the June low of 77.60.
This might be a very short-term outlook, as the medium term outlook remains sideways, with strong support shown in the 77.60-78.00 area.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
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