Technical analysis for USDJPY on 27.08.13

0

Technical analysisA rebound from the descending (weekly) trend line at 99.15 resulted in breaking the support level of 98.40, which opens the way to the ascending  trend line at 97.65.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈125 pips

Max. 100.00

Min. 96.60

USDJPY technical analysis on 27.08.13

The USD/JPY has formed the ascending channel and the price may reach its lower range today. The support level of 97.65 and the uptrend line are strong obstacles. The way to this level will be followed by a rebound up to the resistance level of 98.40. Breaking up 98.40 will let the price move to the downtrend line of 98.90.

USDJPY technical analysis on 27.08.13

Alternatively, the price may consolidate at 97.65 or break down the level of 97.65. If the pair breaks this level, the bears will be able to sell short at the support level of 97.00.

Share.

About Author

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.

Leave A Reply