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    Technical analysis for the USDJPY on 05.05.2015

    The USDJPY has consolidated above strong resistance at 120.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 121.80

    Min. 119.00

    usdjpy2

    Round level 120.00 has recently acted as tough resistance. Now it’s acting as significant support which holds back the price from falling.

    It’s worth noting that level 120.00 breakout occurred at low volumes. Divergence indicates weakening bullish strength.

    Taking how yesterday’s trades closed – low volatile doji – bulls are clearly not ready to push the price further up. Support at 120.00 may be breached down.

    Alternative scenario: further consolidation above strong support of 120.00.

    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 consolidated above strong resistance at 120.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 121.80

    Min. 119.00

    usdjpy2

    Round level 120.00 has recently acted as tough resistance. Now it’s acting as significant support which holds back the price from falling.

    It’s worth noting that level 120.00 breakout occurred at low volumes. Divergence indicates weakening bullish strength.

    Taking how yesterday’s trades closed – low volatile doji – bulls are clearly not ready to push the price further up. Support at 120.00 may be breached down.

    Alternative scenario: further consolidation above strong support of 120.00.

    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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