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    Technical analysis for the USDJPY on 23.04.2015

    The USDJPY has breached resistance at 119.75

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 120.40

    Min. 118.85

    usdjpy8

    Intermediate resistance of 119.75 failed to hold back the bulls yesterday. The test of the level was followed by a slight rebound down and the breakout.

    The 119.75 resistance breakout occurred at low volume. Divergence suggests weakening bullish strength, but as long as trading keeps above 119.75 support, growth potential preserves.

    The price is currently traded within the ascending channel. Correction to the channel’s lower border at 119.65 will most likely trigger a rebound up and continuation of growth towards the descending trend line at 120.40.

    Alternative scenario: the uptrend will turn down of price breaks the ascending channel’s lower border at 119.65.

    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 breached resistance at 119.75

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 120.40

    Min. 118.85

    usdjpy8

    Intermediate resistance of 119.75 failed to hold back the bulls yesterday. The test of the level was followed by a slight rebound down and the breakout.

    The 119.75 resistance breakout occurred at low volume. Divergence suggests weakening bullish strength, but as long as trading keeps above 119.75 support, growth potential preserves.

    The price is currently traded within the ascending channel. Correction to the channel’s lower border at 119.65 will most likely trigger a rebound up and continuation of growth towards the descending trend line at 120.40.

    Alternative scenario: the uptrend will turn down of price breaks the ascending channel’s lower border at 119.65.

    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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