6 January 2010
USD/JPY: technical analysis
The trades’ fixation lower than 91.80 has signalized the accomplishment of the scenario having been mentioned in the previous analysis. The price decreased to 91.20 mentioned as one of the targets and having received the support renewed its growth – it resides at 92.40/30 now. The multidirectional indicators encourage the opinion of the trades’ comeback to decrease; moreover, the level of 92.50/60 having been exercised by the price is enforcing as a resistance with the coincidence to the broken trend line of the short-termed ascendant channel (the blue punctured lines). The exercise of this line as a resistance already at the failed attempt of the breakage causes the probability of the return to decrease i.e., creates the classical signal for the sales. The trades’ downfall lower than 91.10/00 will prompt the high probability of another endurance checkup for the support at 91.20/10/00 in the nearest prospect. Concerning the more general state of affairs the presuppositions of the lateral movement within the wide range between the resistance at 93.20/50 and support at 91.20/10 still keep topicality.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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