USD JPY Needs Help from Equities to Maintain Uptrend

The U.S. Dollar remains strong against the Japanese Yen.  Better thanexpected economic news and the inability to break the equity marketstoday with any conviction is still putting upside pressure on the USDJPY.

Daily Analysis

USD JPY

The U.S. Dollar remains strong against the Japanese Yen.  Better than expected economic news and the inability to break the equity markets today with any conviction is still putting upside pressure on the USD JPY.  A closing price reversal today in the stock market is likely to trigger a profit-taking break in the USD JPY tomorrow.

The bigger picture still suggests a rally to 96.87 is possible but the swing chart is saying it has to occur within the next two days which looks improbable.  Any weakness today into the close is likely to continue tomorrow with 94.43 the next support level.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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