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Technical analysis for the USDJPY on 26.06.2015

The USDJPY has corrected to the ascending trend line at 123.20

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 125.00

Min. 122.55

usdjpy16

Downtrend in the Japanese yen has reached key support at the ascending trend line of 123.20. The test of the trend line has triggered short-term consolidation.

Another signal in favor of strengthening towards the 123.20 mark is the upper border of the descending channel, which is now acting as inclined support.

The longer the price consolidates above level 123.20, the bigger will be the rebound up and continuation of the uptrend. Potential growth targets in this case will be situated at 123.80, 124.40, 125.00.

Alternative scenario: the breakout of the ascending trend line at 123.20 will open the way down for the third test of tough support at 122.55.

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 has corrected to the ascending trend line at 123.20

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 125.00

Min. 122.55

usdjpy16

Downtrend in the Japanese yen has reached key support at the ascending trend line of 123.20. The test of the trend line has triggered short-term consolidation.

Another signal in favor of strengthening towards the 123.20 mark is the upper border of the descending channel, which is now acting as inclined support.

The longer the price consolidates above level 123.20, the bigger will be the rebound up and continuation of the uptrend. Potential growth targets in this case will be situated at 123.80, 124.40, 125.00.

Alternative scenario: the breakout of the ascending trend line at 123.20 will open the way down for the third test of tough support at 122.55.

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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