24th May - USD/JPY Pullback Worrying Earlier Bulls
24 May 2012
WEEKLY CHART:
Earlier recovery saw a test of the bear channel top, which repelled the advance. It remains first key resistance on this chart.
DAILY CHART:
Already previous bull momentum has taken a knock, confirmed by recent erosion of dual support provided by the 79.51 31-Oct spike high and channel base projection.
Ideally for the bulls a recovery would start from around current levels – this notion is aided by the flattened/diverging RSI indicator. S/term we await better reaction from here.
Also keep in mind lower support coming from the lower 78.20s old highs area and 77.93 76.4% pullback. Ultimately the bulls want this to hold.
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24th May - Weakness in Gold Threatens Key Supports