Forexpros.com Daily Analysis - 22/06/2009

[Forexpros04]

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Sharpening Your Edge Series: Pivot Points
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Date: Wed, Jun 24, 2009, 15:00 GMT

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EUR/USD Continues to Range

The pair is trading within a 120 pip range between 1.4000 and 1.3800 over the last couple trading days. This range has held in early trading. 1.3880 is initial support. A move below 1.3860 would confirm that break.

The overall target for that move is 1.3760, with interim support at 1.3820 and 1.3800. If prices move beyond 1.3760, there is support at 1.3740.

Resistance is likely in the 1.3740-1.3760 area. A move beyond indicates a test of the range highs near 1.4000. A break out today will encounter resistance by 1.4040 or 1.4080.

USD/JPY Approaches Break Point

The pair continues to fall in early trading, heading towards the 95.60 support level. A break of that level could trigger further selling.

A move below 95.60 will likely encounter support at 95.30. A move beyond could occur, but is unlikely as a further fall would exceed the pairs daily average range. Little support exists beyond this point though.

Upside resistance is at 96.30 and would test 96.50 if exceeded. A continued move above will hit resistance at the 96.85 area and 97.00.

Analysis by: http://www.forexpros.com - Written by Cory Mitchell

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