Forex | Forex | Forex: USD/JPY: Dollar recovery could halt at 9-day MA and resume downtrend - Mizuho (04/09/2009 08:35:00)

Forex: USD/JPY: Dollar recovery could halt at 9-day MA and resume downtrend - Mizuho

FXstreet.com (Barcelona) - Dollar decline from 97.78 high on August 7 has reached 91.95 low, levels right above 91.73 July's low, before picking up, on Thursday, and reach levels around 92.85 today, nevertheless, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank observes the possibility of the Dollar being capped today and resume downtrend.

Elliott points out to the 9-day moving average to cap Dollar recovery: "Bouncing slowly from a low at 91.94 yesterday, ahead of July’s low at 91.73. With a little luck the nine-day moving average will again limit highs leading to a concerted downside test late today."

On the downside, Elliott watches 91.50 area as key for bears: "A break below 91.50, possibly with a gap lower over the weekend, should see implied at-the-money volatility increase significantly and increasing bearish momentum."

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