Wednesday, May 9, 2012

USDJPY Is the Next Move to 79.00?

I keep staring at this USDJPY chart. Demand is there at 79.60, but.... Gold had support at 1630; broken yesterday.  EURUSD at 1.3000, broken Monday. Is the USDJPY the next one to drop? Risk/reward wise probably not the best idea to short now on anticipation of a move lower (this pair can be very stubborn), but the technicals are showing selling pressure becoming more aggressive.  Therefore, could be a downside breakout candidate if it trades below 79.55. 

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