USD/JPY Still in Pullback Mode
09 June 2011
WEEKLY CHART
Note how the Mar sharp sell-off saw a test of the projected bear channel base before recovery set in.
First resistance here, from the late 2009 84.81 low, was earlier tested -a push through this would be a bull sign.
DAILY CHART
The pullback has been trying to hold around the 80.00 support area. Pressure is still bearing on this so we are keeping in mind the lower 76.4% pullback at 78.58 for the time being.
At this stage a rebound back above the 82.23 19-May high would be a useful sign for the bulls. In due course we look for a return to the 50% recovery area.
Next story:
Growth woes hit the S&P 
Previous story:
Short Term Natural Gas Bulls Up Against Resistance