Technical analysis for USDJPY on 28.08.13


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.



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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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.