Technical analysis for USDJPY on 28.08.13

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Technical analysisThe greenback’s fall against the Japanese yen had a strong support level of 97.00. Current retracement is expected to result in re-retesting this level.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈130 pips

Max. 99.50

Min. 95.00

USDJPY technical analysis on 28.08.13

The upward correction may help increase the volume, which will help the price break the support level of 97.00. If the pair breaks this level today, yesterday’s fall will continue today. The closest targets will be set at the following support levels: 96.60, 96.10 – 96.00.

Alternative forecast

USDJPY technical analysis on 28.09.13

If the second retest of the support level of 97.00 does not result on crossing this level, a flat formation is expected at around 97.00 and 97.65. The consolidation width can be narrowed gradually amid the sloping trend line.

A longer upward correction is expected if the USD/JPY breaks above the resistance level of 97.65. In this case, the price will return to the ascending channel and move to the level of 98.00. Breaking the level of 98.00 will open the way to 98.40.

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