Technical analysis USD/JPY 12 March 2013

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Technical analysis

The speculations about a possible retrace were confirmed. The level of 96.50/60 stopped the bulls; the price dropped to 95.50/40 but then quickly resumed its growth and the pair was trading at 96.70/80. Obviously, the assumptions that the price should rise to the levels of 97.70/98.00 are being implemented and the trade may soon move to this range. The bullish mood shown by the indicators provides additional proof for these expectations. At the same time, as divergence continues on smaller timeframe oscillators (M30, H1), this calls for caution, signaling a large-scale kickback.

USDJPY120313

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About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!