FX.co ★ USD/JPY For Weekly June 20th to the June 24th / 2011

SHORT DESCRIPTION :

Last week the USD/JPY tried to test again the mark 80.00. As we know this level is important because this is the Major Large Quarter Point, if this level can be broken the USD/JPY will try to test and break down the 79.25 Level, if this level can be broken by this pair it will be the sign this pair allready has a new "playing field" (red: new transaction area from the mark 80.00 to the 70.00). However, the Simple Moving Avarage periode 10 weeks by the closing had a sloping down and this pair traded below that moving average., thus the Stochastic Oscillator indicates the same (red: Bearish). We believe the BOJ will hold the YEN at the mark 80.00 and the 79.50 to have psychologic impact for all the market paricipants.