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USDJPY: Bearishness To Target The 83.53 Level.
USDJPY: After its previous week rejection candle failed to drive it higher and its later declines the past week, the pair is ready to head further lower towards the 83.53 level, its 2010 low. On a break of that level, risk will build towards the 82.00 level, its psycho level where a violation will target the 81.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On a failure to follow through lower, USDJPY will target the 86.87 level with a clearance of there turning focus towards the 88.11 level and then the 89.30 level. A loss of that level will aim at the 89.68 level, its broken rising trendline. All in all, USDJPY looks to resume its medium term downtrend after selling off the past week.
USDJPY: Bearishness To Target The 83.53 Level.
USDJPY: After its previous week rejection candle failed to drive it higher and its later declines the past week, the pair is ready to head further lower towards the 83.53 level, its 2010 low. On a break of that level, risk will build towards the 82.00 level, its psycho level where a violation will target the 81.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On a failure to follow through lower, USDJPY will target the 86.87 level with a clearance of there turning focus towards the 88.11 level and then the 89.30 level. A loss of that level will aim at the 89.68 level, its broken rising trendline. All in all, USDJPY looks to resume its medium term downtrend after selling off the past week.
EURUSD: Struggling To Recover Higher.
EURUSD: Risk of a recovery higher continues to develop as the pair saw a halt in its nearer term weakness the past week. This development now leaves the EUR angling for further recovery towards its Aug 18’10 high at 1.2921. Further out, resistance is located at the 1.3332 level with a break of there resuming its short term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12’10 high. On the other hand, below the 1.2586 level will call for more weakness towards the 1.2522 level, its July 13’10 high followed by its Jun 20’10 high at 1.2466. Overall, with bull pressure developing, higher level prices are envisaged as we enter a new week. USDJPY: Looks To Weaken Further. USDJPY: The pair’s bearish momentum continues to unfold as it saw further weakness the past week driving it further lower to 85.01 on Friday. The risk now remains for further decline towards the 84.80 level, its 2010 low followed by the 82.00 level, its psycho level. However, a violation of the 88.11 level will have to occur to annul its present downside weakness and bring gains towards the 89.14 level with a clearance of that level turning attention to the 89.68 level, its broken rising trendline. All in all, USDJPY now looks to weaken further in the day’s ahead
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GBPUSD: Bearishness Remains Dominant. GBPUSD: Outlook for the pair continues to point to the downside after bear pressure pushed GBP further lower the past week. This is coming on the back of its previous week losses and has now opened up further downside risk towards the 1.5326 level, its Aug 31’10 low. On a turn below that level, the 1.5122 level, its July 21’10 low will be targeted with a break aiming at further downside prices. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, to reverse this view, a return above the 1.5470 level must be established to create scope for more recovery towards the 1.5701 level, its Aug 16’10 high. Above the latter will eye the 1.5996 level, its Aug 08’10 high and then the 1.6274 level, its Jan 24’10 high. 
Note: This is an excerpt from The Professional Suite, our daily 7 currency model analysis research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD.
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