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Technical analysis for the USDJPY on 18.06.2015

The USDJPY: further downtrend expected

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 124.20

Min. 122.00

usdjpy11

Long consolidation within 123.80 – 123.30 range was followed by the false breakout of 1.2380 resistance. The breakout didn’t last long, however, and the price retraced back below the level and even breached support at 123.30.

Then price broke level 123.80, and correction up from level 122.55 turned down at high volume. In a short run we expect the re-test of the 123.30 mark, acting as resistance.

The test of the 123.30 resistance will most likely trigger consolidation, followed by the bounce down towards 122.55, 122.00, 121.45.

Alternative scenario: the breakout of 123.30 resistance will open the way up to the upper border of the descending channel at 124.20.

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: further downtrend expected

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 124.20

Min. 122.00

usdjpy11

Long consolidation within 123.80 – 123.30 range was followed by the false breakout of 1.2380 resistance. The breakout didn’t last long, however, and the price retraced back below the level and even breached support at 123.30.

Then price broke level 123.80, and correction up from level 122.55 turned down at high volume. In a short run we expect the re-test of the 123.30 mark, acting as resistance.

The test of the 123.30 resistance will most likely trigger consolidation, followed by the bounce down towards 122.55, 122.00, 121.45.

Alternative scenario: the breakout of 123.30 resistance will open the way up to the upper border of the descending channel at 124.20.

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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