FX.co ★ USD/JPY Bearish Outlook, April 05, 2011 (Daily Strategy)

USD/JPY

Last week, a sharp upward sequence led to the United States dollar - Japanese yen pair to the price levels of 84.70 and 84.35, where the pair currently operates. Current price levels are high enough to establish the short position.

The break below the 83.50 support level also will serve as a trigger for taking short position on the pair, which could easily return to the 81.25 support level and even low levels of support yet for those who walked for two weeks, from 79.90 yen per dollar.