By Russell Glaser
As the downtrend for the USD/JPY resumes, a target for traders is identified below the all-time low of 79.75.
Looking at the monthly chart, a distinct long-term downtrend is in effect with a falling trend line from the July 2007 candlestick. Support for the pair is identified by the support line underneath the price action beginning in December 2008 with multiple contact points during the downtrend. Next month this support line comes in at 79.10.
Theis target is conceivable as momentum appears to be to the downside. The December candlestick looks to set to close near its monthly low and falling weekly stochastics also signal further price moves lower for the USD/JPY.
Forex Market Analysis provided by ForexYard.
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