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Forex: USD/JPY, dips to fresh one-month low at 81.55

By FXstreet.com,  February 01, 2011, 05:32:00 AM EDT

FXstreet.com (Barcelona) - Dollar retreat from 83.20 high on Thursday extended to on Asian session, after brief consolidation above 81.90/95 on Monday, and the pair, weighed under broad based Dollar weakness, has broken below 81.85 to reach fresh 1-month lows at 81.55 so far.

The pair is trading at 81.60 area (Jan 4 lows), with next potential support levels, below here, at 81.25 (Support trendline from Nov 1 low), and 80.95 (Dec 31 low). On the upside, resistance levels lie at 82.15/25 (session high/Jan 31 high), and above here, 82.60/65 (Jan 25/26 highs) and 82.95 (Jan 28 high).

On a wider perspective, the pair remains trading within a clear "triangle pattern" approaching the base of the figure; the upward trendline support from November lows, currently at 81.25/30.




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

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