Wed, 17 Nov 2010 15:51:00 +0100

Forex: USD/JPY needs to break 84.00/86.00 to confirm low at 80.20 - FXMarketAlerts Team

FXstreet.com (Barcelona) - Dollar downtrend from 85.95 high in mid September has been capped at 80.20, as the pair bounced up to levels above 83.00 although according to the FXMarketAlerts Team, the Dollar should extend past 84.00/86.00 to set a significant low.

Only reaching above 86.00 would the Dollar have confirmed a significant low at the beginning of November, says the FXMarketAlerts Team: "clearance of the 84.00/86.00 area still required to signal that a significant low was established at the beginning of November."

For the next three months, the FXMarketAlerts Team expects the pair to trade on a sideways/higher trend: "USD has seen a rally from the 1995 low, and although this support is not yet confirmed we currently anticipate that it will hold. Therefore over the next two to three months we would look for a sideways/higher trend."

Technical Analysis (2010-11-17 14:45 GMT)
USD/JPY 83.32/83.34 - O: 82.385 H: 82.48 L: 82.38 C: 82.44
Trend	R3: 83.7944
	R2: 83.5859
	R1: 83.3775
	S1: 82.8959
	S2: 83.1042
	S3: 83.3125