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Technical analysis for the USDJPY on 15.06.2015

The USDJPY is consolidating below the 123.65 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 124.85

Min. 122.65

usdjpy8

The Japanese yen has been trading below 123.65 resistance for the third day. And while the breakout of the 123.65 mark occurred at high volumes, current consolidation to the level isn’t supported by trading volumes.

Despite the exit from the descending channel, the downtrend is still relevant. The longer the bulls consolidate below 123.65, the bigger is the possibility of the rebound down.

Potential decline target is situated at the last week’s low of 122.65.

Alternative scenario: the downtrend will turn down if price breaks and holds above the 123.65 resistance.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The USDJPY is consolidating below the 123.65 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 124.85

Min. 122.65

usdjpy8

The Japanese yen has been trading below 123.65 resistance for the third day. And while the breakout of the 123.65 mark occurred at high volumes, current consolidation to the level isn’t supported by trading volumes.

Despite the exit from the descending channel, the downtrend is still relevant. The longer the bulls consolidate below 123.65, the bigger is the possibility of the rebound down.

Potential decline target is situated at the last week’s low of 122.65.

Alternative scenario: the downtrend will turn down if price breaks and holds above the 123.65 resistance.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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