USDJPY – Monthly Forecast Aug 2013

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The USDJPY maintained a bearish momentum last month, now pressure will be on the key support 97.57 , the USDJPY will have to hold below the 97.57 levels on a monthly closing basis to push the market for further downside losses, If seen it will target the 94.00 levels where a breach will turn the focus on the 87.00 levels.

Alternatively, a failure to hold below the 97.57 levels could mean a return to the 101.52 levels, break of this level will target the 103.73 levels, above 103.73 will reverse risks to the upside towards the 111.00 levels.

Note that rise from 75.56 levels still tarted as a corrective move of the big fall from 124.12 levels 2007 highs, momentum indicators show that the bullish momentum almost gone, added to that the pair still traded below the 61.8% retracement of the big fall (124.12/75.57).

In all as long as 103.73/101.52 levels hold, the pair will remain biased to the downside with risk towards 94.00/87.00 levels.

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MARKET DATA

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