forex4you Posted April 12, 2012 Report Share Posted April 12, 2012 USD/JPY: Technical Analysis The move down in the USD/JPY reached support at Wednesday's lows and then bounced. Now the bounce has stalled at the lower channel line and the the 38.2% fibonacci line. Normally, given the overhead resistance and the bearish bias I would expect more downside, however, the combination of support just under at 80.80 – from both the weekly and the monthly pivots stand in the way of a deeper sell-off. If the move higher continues and breaks back into the channel then 82.00 is targeted. Overall, however, my preference leans slightly to a continuation lower down to the 50% fibonacci at 80.05. Analysis by: Joaquin Monfort Forex4you analyst Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Quote Belajar Forex Link to comment Share on other sites More sharing options...
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