Forex: USD/JPY: Expect downside tests to support levels between 87.000 and 85.000 - Mizuho

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Published: Mon, 09 Nov 2009 15:52:00 +0100

Forex: USD/JPY: Expect downside tests to support levels between 87.000 and 85.000 - Mizuho

FXstreet.com (Barcelona) - The Dollar is finding it hard to remain above 90.00 and according to Nicole Elliott, senior technical analyst at Mizuho Corporate bank, technical indicators show that the dominant trend is Dollar weakness.

Elliott foresees a series of cautious downside tests of support levels between 87.00 and 85.00: "We continue to favour a series of cautious downside tests of key support between 87.00 and 1995?s 85.00 (below which it spiked to a low 79.75 over a three month period)."

In a context of generalised Dollar weakness, according to Elliott, from now to year end: "This in the context of generalized US dollar weakness which we expect through to year-end and probably a lot longer. The slower the move, the longer it should last."

By Fxstreet.com

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