The USD/YEN confirmed a further negative closing last night, however still above the 77 level. We expect still good support around this level, 77,00 – 76,80, from where we should be able to see a rebound, a larger one than that we already saw.
The indicators of the daily chart are still in positive territory but not at the line while those of the s/t ones are mixed suggesting further consolidation. Bullish divergences still confirm a negative tone suggesting lower levels. Possible rebounds should find good resistance at 77,35 before the 200 hours line at 77,70!
We keep staying on the sideline.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/11/USD-JPY-11.15.pdf
FUTURE TREND RESEARCH