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USD/JPY Overview
USD/JPY closed higher on Friday due to short covering as it rebounds off November's low. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. The high-range close sets the stage for a steady to higher opening on Monday. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. Closes below November's low crossing would renew this fall's decline while opening the door for a possible test of weekly support crossing later this winter.
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Watch it on: http://forextradingguru.blogspot.com/
http://forexmoneymaker.blog.com/
http://www.finexo.com/
Cheers
Replies to This Discussion
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Permalink Reply by Anne on -
USDJPY might be forming a short term cycle bottom at 99.31 level on 4-hour chart. Key resistance is located at 100.85, a break above this level will confirm the cycle bottom. Range trading between 99.31 and 101.43 is expected in next several days.
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Permalink Reply by princess Todd on -
Hi anne,
Nice update. I believe this pair would attempt shorts at 96.00; stop above 98.15. Add to shorts on a break below 95.50 for 93.55.
Good Day,
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Permalink Reply by Anne on
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In March Dollar/Yen consolidated after the sharp rise a month earlier, and the risk of another downward wave remains high. Last week the currency couple consolidated, realizing the practical implementation of the technical targets of making double bottom.
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Permalink Reply by princess Todd on
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A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36.
The bias remains negative for 97.12 with nearest resistance at 98.90 and risk-limit above 99.55.
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