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Technical analysis for the USDJPY on 21.05.2015

The USDJPY: short-term correction

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 123.00

Min. 120.00

usdjpy12

The US dollar has been strengthening against the Japanese yen for the whole week. Current divergence suggests weakening bullish potential, although there have been no signals for reversal yet.

The price held above strong resistance of 120.76 and it can retrace back to this barrier, which is now acting as support. Re-test of the level will most likely trigger continuation of the bullish trend.

Potential growth target is situated at the intraday resistance of 121.80, which has pushed the price down twice in the last half a year.

Alternative scenario: long consolidation above strong support of 120.75

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: short-term correction

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 123.00

Min. 120.00

usdjpy12

The US dollar has been strengthening against the Japanese yen for the whole week. Current divergence suggests weakening bullish potential, although there have been no signals for reversal yet.

The price held above strong resistance of 120.76 and it can retrace back to this barrier, which is now acting as support. Re-test of the level will most likely trigger continuation of the bullish trend.

Potential growth target is situated at the intraday resistance of 121.80, which has pushed the price down twice in the last half a year.

Alternative scenario: long consolidation above strong support of 120.75

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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