Technical analysis for USDJPY on 02.09.13
  • Technical analysis for USDJPY on 02.09.13

    Artem Helium
    Author: 

    posts: 1101, comments: 0

    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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