Technical analysis for USDJPY on 13.09.13

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Technical analysisThe USD/JPY made a false break of the uptrend line and moved to the support level of 99.10.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈140 pips

Max. 101.50

Min. 98.00

USDJPY technical analysis on 13.09.13

A rebound from the support level of 99.10 went amid a reverse breakup of the uptrend line and the closest resistance level of 99.80. Holding above the level of 99.80 will indicate that the bullish trend remains dominant. However, should the pair break and consolidate above the level of 100.00, this would indicate the growth of the U.S. dollar. In this case, the buyers may open long positions with the targets at 100.50, 101.00.

Alternative forecast

USDJPY technical analysis on 13.09.13

Breaching the uptrend line of 99.70 and the support level of 99.80 will let the pair test the strength of the support level of 99.10 for the second time. Should the pair break down this level, it will open the sellers the way to 98.70 and 98.40.

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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.