Week 9 0f 2010 (Mar 01 – Mar 05)
USDJPY USDJPY seems to have resume its downward trend and it seems that it has gathered momentum and this momentum will continue in coming weeks. Currently USDJPY is looking to head towards 87.40 level and once it managed to break that level, USDJPY will be looking to aim 85.50 next. RSI in weekly charts is just above 43 and seems to have enough to support a good and extended dip by USDJPY. This week traders will look to sell USDJPY for anything above 90.00 level and if the upward move
GBPUSD might take a breather
GBPUSD: (1.5246) GBPUSD seems to be going a nice downward trend but has touched the lower end of downward channel and therefore we might see some retracement by GBPUSD earlier next week. Secondly the RSI is also on the lower side, so it will also be pushing GBPUSD upwards. Currently we might see GBPUSD take retrace towards 1.5375 level and that will be top of downward channel and will provide a very good selling opportunity for GBPUSD. If the retracement is extended above 1.5375 level, then we