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Technical analysis for the USDJPY on 07.08.2015

The USDJPY is slowly correcting to the tough support at 124.45

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 126.00

Min. 123.00

usdjpy4

Having breached resistance at 124.45, the uptrend halted at 125.00. Slight consolidation below the level has triggered correction down.

Potential correction target is situated at the strong reistsnace of 124.45. The barrier will be tested at 9.30, during the BoJ press-conference.

Level 124.45 is crossed by the ascending trend line, which is acting as addiitonal support on the way down. The re-test of 124.45 mark will most likey trigger the rebound up towards 125.00, 126.00.

Alternative scenario: to turn the upside correction down, bears will have to break and hold below 124.45 support.

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 slowly correcting to the tough support at 124.45

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 126.00

Min. 123.00

usdjpy4

Having breached resistance at 124.45, the uptrend halted at 125.00. Slight consolidation below the level has triggered correction down.

Potential correction target is situated at the strong reistsnace of 124.45. The barrier will be tested at 9.30, during the BoJ press-conference.

Level 124.45 is crossed by the ascending trend line, which is acting as addiitonal support on the way down. The re-test of 124.45 mark will most likey trigger the rebound up towards 125.00, 126.00.

Alternative scenario: to turn the upside correction down, bears will have to break and hold below 124.45 support.

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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