Forex4you Technical Analysis 26 July 2011
 

USD/JPY: technical analysis

Trades continued to move downwards, the price now resides at level 78.00/10. Indicators are bearish again, sugesting further possible downtrend. On the other hand, bullish MACD divergence is still forming, so there's a big chance for reversal too. Furthermore, it's also worth noting that there's a possibility of intervention by the Japanese government, aimed at weakening the yen. Decline towards the pair's historical minimum at 76.50 is also probable. Growth above 80.10/00 resistance level will be a signal to the change of sentiment.


Analysis by: Joaquin Monfort
Forex4you analyst

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