Daily Forex Analysis – January 2, 2009

EURUSD Analysis.
EURUSD is testing 1.3825 support, a break down below this level will signal deeper decline towards 1.3500 zone. However, as long as 1.3825 support holds, we’d expect one more rise to retest 1.4360 resistance. Initial resistance is located at 1.4100, rise above this level will confirm the resumption of short term up trend.


USDJPY Analysis.
USDJPY breaks above 90.98 resistance, suggesting that the up trend from 87.13 has resumed. Further rise is now in favor. Short term target would be around 93.00 level. Initial support is located at 89.72, as long as this level holds, up trend will continue.


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