FX Strategy 15 August 2013 |
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On Wednesday USD/JPY reached the 55 day moving average at 98.42 which capped it.
While the currency pair remains below the four month resistance line at 99.97, downside pressure should be maintained with the triangle support line at 94.77 being targeted.
Short term resistance above the 55 day moving average but below the resistance line is seen at the current August high at 99.95.
On the way down lurks the 78.6% Fibonacci retracement of the June-to-July rise at 95.42.
Over the coming weeks we al low for losses back to the 93.77/75 support area. This is where the 200 day moving average and the June low are to be found.
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