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Technical analysis for the USD/JPY – 04.11.2015

The price managed to rise above 121.00 resistance and is now traded at around 21.30/20s. The breaking of the 121.00 resistance together with the bullish flag’s upper border (blue lines) and the test of this level as support, followed by the rebound up gives reasons to anticipate the end of the trend. Such situation suggests a high possible growth to the above mentioned target at 122.40. The indicators say in favor of this development too – R% rose into the oversold territory, MACD is above zero, SS turned up. However, there’s still a chance that the price returns to its consolidation range and falls back below 121.00 support, postponing growth for later.

JPY041115

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

The price managed to rise above 121.00 resistance and is now traded at around 21.30/20s. The breaking of the 121.00 resistance together with the bullish flag’s upper border (blue lines) and the test of this level as support, followed by the rebound up gives reasons to anticipate the end of the trend. Such situation suggests a high possible growth to the above mentioned target at 122.40. The indicators say in favor of this development too – R% rose into the oversold territory, MACD is above zero, SS turned up. However, there’s still a chance that the price returns to its consolidation range and falls back below 121.00 support, postponing growth for later.

JPY041115

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



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