![\"usd](\"http:\/\/www.forexabode.com\/images\/stories\/technical_analysis\/long_term\/usd_jpy.gif\" "\\"usd")
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After such a strong upward move since February 2nd, a correction is very natural. This was also expected because of the approaching psychological resistance of 85.00. The facts that USD\/JPY has broken below the support of 22-day EMA and also the support of Kijun-sen of daily Ichimoku cloud first time since February 10th, turns the focus for some more downward correction. With a decisive break below 81.90 we would expect further downward move towards the range of 81.05\/81.30. Please note that the upcoming supports are as follows:<\/p>\n
1)\u00a0\u00a0 \u00a0Near 81.30: Upper edge of daily Ichimoku cloud.
\n2)\u00a0\u00a0 \u00a0Near 81.05: Fibonacci 38.2% retracement of the upward move during February 2nd to March 15th.
\n3)\u00a0\u00a0 \u00a0Near 80.90: 55-day EMA.
\n4)\u00a0\u00a0 \u00a0Support because of approaching psychological level of 80:00.<\/p>\n
Please note that we are taking the recent downward move and also the expected further downward move as a consolidation\/correction and not as a bearish trend. We would still favor another upward move after this correction. Even if the pair breaks the above mentioned supports, we would expect a very strong support near 81.58 (March 7th and 8th).<\/p>\n
In case USD\/JPY fails to break below 81.90 and if a break over 83.00\/83.20 resistance zone takes place then our focus will again change towards a retest of 84.18 and then 84.60 before a move towards the psychological level of 85.00 takes place.<\/p>\n
Further Readings:<\/p>\n
1) USD\/JPY Forecast<\/a>: for weekly outlook of Dollar-Yen pair.<\/p>\n 2) Daily technical analysis of USD\/JPY<\/a>.<\/p>\n