The USD/YEN confirmed on Friday a drop even below 76,60 before recovering closing however in negative territory, however above the support of the range 77,35 – 76,80!! The weekly closing was also negative suggesting further downside risk.
The indicators of the daily chart are still in negative territory but those of the weekly one remain above the line keeping a mixed m/t scenery. Those of the s/t ones are also mixed suggesting further consolidation with downside pressure! Only an hourly closing above 77,05 will postpone further weakness favouring a rebound.
We keep staying on the sideline while waiting for stronger signals.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/11/USD-JPY-11.21.pdf
FUTURE TREND RESEARCH