Yen Technical Outlook

Published March 9th, 2009 - 06:20 GMT
Al Bawaba
Al Bawaba

Resistance for the USDJPY is at 100.50 / 101; which is the November 4 high / 61.8% of the decline from 110.71.  RSI is rolling over from above 70, which warns of a top.  Still, short term structure suggests that one more is needed before a more permanent top is in place.  Expectations this week are for a push above 100.  101-103 is the reversal zone.