Published first on Selftrading Consulting website

4-hour

On the 4-hour chart JPY stands around strong support area at 84.70-84.90. It includes Fibonacci Conjunction support, monthly and weekly pivot points. So, very probably, that market will bounce from this area, this is a normal price action.
Also look at previous move to the downside – market has shown solid thrust at sell-off. We can count on a momentum trade in this time frame, if market will bounce from current support area. I expect that in perspective market can reach 84.10 area.

USD/JPY 4 hour, September 22, 2010


That’s being said, if market will bounce from strong current support area, not bad idea will be enter short at 85.10-85.20 with target around 84.10 area.

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Tags: daily, forex, technical, usd/jpy

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