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Yen continues lower and looks vulnerable
Thursday, 15 November 2012 17:51 GMT+2
 The yen hit its lowest level against the dollar since April and looks poised for more losses after the leader of Japan’s main opposition party who is about to become the next Prime Minister wants the Bank of Japan to consider sub zero interest rates and to reverse the currency’s strength. Usd/jpy is up around 1.10% while eur/jpy gains 1.60%. The dollar is down against most major currencies (apart from the yen) after weak US data and comments from Fed officials who insist on more monetary easing until growth picks up.
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2850 1.5980 0.8120 82.00 104.60 1.2100 12830
Resistance 1 1.2820 1.5940 0.8075 81.45 103.95 1.2055 12670
Market   1.2795 1.5870 0.8060 81.15 103.80 1.2035 12540
Support 1 1.2750 1.5825 0.8000 81.00 103.00 1.2000 12500
Support 2 1.2715 1.5770 0.7965 80.65 102.00 1.1970 12320
 
 
Trade Idea
 
USDJPY Daily chart
 
The pair has found resistance at 81.45 which is the 61.8% Fib retracement of the move starting mid March but a break and close above opens the way for 82.00 and beyond. An approach to 80.60 would be considered a buying opportunity.

 
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