Technical analysis for USDJPY on 29.08.13
  • Technical analysis for USDJPY on 29.08.13

    Artem Helium
    Author: 

    posts: 811, comments: 0

    Technical analysisThe upward correction on the USD/JPY reached its maximum after moving to the resistance level of 97.65 and the downtrend line of 97.80.

    Direction

    Period

    Expected price dynamics

    Price movement corridor

    ↑↓

    1 day

    ≈160 pips

    Max. 100.00

    Min. 94.00

    USDJPY technical analysis on 29.08.13

    Staying below strong resistance levels (which the price has reached amid declining volumes) indicates that the pair may kickback down and then return to the support level of 97.00. The strength of this level is very high and the pair may rebound up. Alternatively, the downtrend will continue to the next targets: 96.60, 96.10 – 96.00.

    Alternative forecast

    USDJPY technical analysis on 29.08.13

    Crossing the resistance level of 97.65 and the downtrend line at 97.80 would be a good signal indicating the greenback’s rise against the Japanese yen to the next resistance level of 98.40. Breaching above 98.40 will open the way to the weekly trend line at 98.80.

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