$USDJPY: A MEDIUM-TERM TECHNICAL LOOK

Monday, February 17, 20140 comments


The price has started a corrective wave after testing a long term 61.8 retracement level at 105.60, where price currently lands at a key support at 100.60-101.20 area.  The first test of the support area resulted in a bullish weekly hammer candle, which hints possible renewed bullish attempts this week.  A break above 102.70 short-term resistance will probably confirm the bullish rebound scenario.

Alternatively, if price manages to break 100.60 that would signal more downside, for a retest of the 52-week average at 99.50 and on the longer run 96.55 support.
Share this article :

Post a Comment

 
Copyright © 2011. Forex Trading Solutions - All Rights Reserved
Proudly powered by Blogger