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    Technical analysis for the USDJPY on 19.05.2015

    The USDJPY is correcting to the descending trend line at 120.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 120.75

    Min. 118.60

    usdjpy9

    Range trading has been observed in the USD/JPY for quite while – the pair bounced from intraday levels of 120.20 – 118.80.

    Symmetrical triangle is forming on the intraday chart. The price is now rising to its upper border (descending trend line).

    It’s worth noting, that last week the price bounced down from the trend line. Another test of this barrier at low volumes will most likely trigger the same scenario. Potential decline targets in this case will be found at 119.70, 119.00.

    Alternative scenario: the breaking of the 120.00 descending trend line will pen the way up towards two resistance levels at 120.30, 120.76.

    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 correcting to the descending trend line at 120.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 120.75

    Min. 118.60

    usdjpy9

    Range trading has been observed in the USD/JPY for quite while – the pair bounced from intraday levels of 120.20 – 118.80.

    Symmetrical triangle is forming on the intraday chart. The price is now rising to its upper border (descending trend line).

    It’s worth noting, that last week the price bounced down from the trend line. Another test of this barrier at low volumes will most likely trigger the same scenario. Potential decline targets in this case will be found at 119.70, 119.00.

    Alternative scenario: the breaking of the 120.00 descending trend line will pen the way up towards two resistance levels at 120.30, 120.76.

    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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