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USD/JPY: Aiming For 9832

ByCarol Harmer
Published 10/21/2013, 02:57 AM
Updated 07/09/2023, 06:32 AM
USD/JPY
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USD/JPY is still below trend line support but did hold our 9750/55 support on Friday giving us a good average on longs from 9820. Our rising trend line today is located at 9832 and this is where we would see the market try and aim for.

Now if can trade back above the trend line there is scope for further recovery albeit a short term recovery, but a recovery none the less. This should extend to 9860/70 - any longs to be covered to here. Sellers are expected back into the market at these higher levels and they will hold shorts, adding to 9899 and only reversing above 9930.

Now failure to break above the trend line does give cause for concern for the buyers as we would then see another test of excellent support down at 9755/50. Once more we would look for this support to hold initially. If you look above you can see the 200 day M/A coming in at 9718. Also look at the way this held the market before - we would expect such a good support level to hold again, so even if we do break 9750 the 200 day M/A is expected to hold the downside once more.
<span class=USD/JPY" title="USD/JPY" src="https://d1-invdn-com.akamaized.net/content/pic42aad57d47b3e88215f66cc3b3bfc8b0.png" height="612" width="969">

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