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    USD/JPY Intraday Technical Levels for July 9, 2012

    On the daily chart, the support level of 96.57 remains untouched, as the Index is still trading above that important zone, but be cautious with the current downside corrective moves held in this time frame. That is why we should be aware of a possible breakout around that support level, in order to reach a new low towards the level of 95.63.


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    The USDX did some bullish corrective moves during Tuesday's session and it's currently being rejected by the resistance zone of 96.73. A fall towards support level of 96.33 will put to the USDX in the bear's focus, because a breakout could happen there in order to reach new lows (the level of 95.67). The MACD indicator is still in the negative territory.


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    Daily chart's resistance levels: 97.57 / 98.29

    Daily chart's support levels: 96.57 / 95.63

    H1 chart's resistance levels: 96.73 / 97.12

    H1 chart's support levels: 96.33 / 95.67

    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 96.33, take profit is at 95.67, and stop loss is at 97.00.

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