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USD JPY Technical Overview 09-April-2012

Adding Fibonacci retracement tool to the bearish wave from 95.00 to 76.00 zones, we can see how the pair has touched 38.2% level but couldn't stabilize as it declined opening the door for further losses to resume the major bearish trend.

 

jpy09 04_2012

Having a deeper look at the daily graph, we can notice a potential bearish classical pattern with a broken neckline at 81.95 and this pattern is mainly targeting 79.65 zones which represent a previous broken neckline for a bullish pattern (colored in red).

For intraday traders, potential downside actions could be seen during the upcoming period but the short term trend isn't clear until the pair takes 79.65 support or 83.45 resistance as a break below 79.65 will signal that the major bearish trend will be resumed; whilst clearing 83.45 will bring additional upside recovery over short term basis.

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