Technical analysis for USDJPY on 29.08.13

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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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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.