Previous: USD/JPY Pushes Above Resistance Cluster on New Highs for the Week (6/27)
USD/JPY 4H Chart 9:25PM EDT 6/29/2012
After making new highs on the week, the USD/JPY slid over the 6/28 European session stalled in the US session, and has made new lows on the week as the 6/29 Asian session got under way. The 4H chart show the market pushing below June’s rising trendline. The RSI reading is also breaking below 40, a sign that the market is losing any recent bullish momentum.
The the market can hold below the 6/27 US session high of 79.45, the market should continue to weaken, opening up a support pivot near 78.60. Below that we open up June’s lows in the 77.65 and 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.
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