USDJPY: Weakness Puts The 90.44 Level Under Pressure.
USDJPY- A second day of weakness is now in progress and was seen attacking its key support standing at the 90.44 level, its Oct 12'09 high today. If that level gives in we should expect declines towards the 88.82 level where its Oct 14'09 low is located with a break below there paving the way for further downside pressure towards its Oct 07'09 low at 88.00. This level serves as the trigger for the resumption of its short term downtrend currently on hold. Its daily studies have turned lower supporting this view. To the topside, its Oct 16'09 high at 91.31 is seen as resistance with a turn above there reversing its current weakness and opening up further upside towards its Sept 24'09 low at 92.52. On the whole, EURJPY remains weak shorter term and should resume that trend on ending itS present correction.
Daily Chart: USDJPY