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Technical analysis for the USDJPY on 06.05.2015

The USDJPY has breached strong support at 120.00

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 145 pips Max. 120.75

Min. 118.60

usdjpy3

Two-day consolidation above strong resistance of 120.00 was followed by the breakout. At high volumes the bears turned the uptrend from 118.60 to the downside.

Level 120.00 is currently acting as strong resistance. The test of this barrier will be most likely followed by consolidation.

The longer the price consolidates below the 120.00 resistance, the bigger will be the rebound down towards 119.35, 118.60.

Alternative scenario: bullish trend will continue if price breaks and holds above the resistance at 120.30.

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 strong support at 120.00

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 145 pips Max. 120.75

Min. 118.60

usdjpy3

Two-day consolidation above strong resistance of 120.00 was followed by the breakout. At high volumes the bears turned the uptrend from 118.60 to the downside.

Level 120.00 is currently acting as strong resistance. The test of this barrier will be most likely followed by consolidation.

The longer the price consolidates below the 120.00 resistance, the bigger will be the rebound down towards 119.35, 118.60.

Alternative scenario: bullish trend will continue if price breaks and holds above the resistance at 120.30.

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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