Technical analysis for USDJPY on 02.09.13

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Technical analysisThe situation on the USD/JPY remains unchanged.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈105 pips

Max. 99.60

Min. 97.00

USDJPY technical analysis on 02.09.13

The price continues its consolidation around the resistance level of 98.40, which is above the support line of 98.00 of the ascending channel. As long as the pair is trading above an oblique support line, the uptrend line will remain dominant. To continue its move up, the price should break the next resistance level of 98.40 that opens the way to the downtrend line at 98.70.

Breaking the downtrend line will indicate a bullish dominance in the market. In this case, the closest target will be set at 99.15.

Alternative forecast

USDJPY technical analysis on 02.09.13

After the price breaks below the oblique support line of the ascending channel of 98.00, this will indicate a continued bearish trend. The closest fall target will be set at the support level of 97.65. Breaching below this level will open the way down to 97.00.

It is also very important to keep an eye on the price dynamics at around the downtrend line. If the price doesn’t have a rapid break it will be expected to consolidate or have a small downward correction back to the level of 98.00.

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.