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Forex: USD/JPY back below 77.00

By FXstreet.com,  October 13, 2011, 06:51:00 AM EDT

FXstreet.com (Barcelona) - The Dollar rallied on Tuesday from 76.30 low to top at one-month high 77.50, where sellers came in, sending the pair to 77.00 during Asian session to extend reversal through the European trading, reaching day lows at 76.65.

On the downside, support levels lie at 76.50 (Oct 3/4 lows low), and below here 76.10/15 (Sept 21/22 lows) and 75.95 (Aug 19 low). On the upside, the pair might find resistance at 77.20 (intra-day level), and above here, 77.50 (Oct 12 high) and 77.85 (Sept 9 high).

On a wider perspective, the par remains biased to the downside, aiming to new all-time lows below 75.95, says Stoyan Mihaylov, technical analyst at Deltastock.com: "The overall downtrend continues to be intact, aiming at new historical lows below 75.95. Technical indicators are still descending and crucial resistance on the daily frame is 80.20."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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