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    Technical analysis for the USDJPY on 08.06.2015

    The USDJPY keeps refreshing its highs

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

    Max. 126.50

    Min. 124.00

    usdjpy5

    The US dollar has been strengthening against the Japanese yen for the fourth week. The strengthening is followed by the breakouts of string resistance levels at high volume.

    Bulls managed to break and hold above the 124.85 high on Friday, formed at the beginning of the week before. The breakout allowed the bulls to reinforce their positions, and they are now ready to push the price higher.

    In a short-run, we can expect a small correction to the 124.85 mark, now acting as support. The test of this level will most likely trigger continuation of the bullish trend.

    Alternative scenario: the breakout of 124.85 support will open the way down to the round level of 123.40.

    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 keeps refreshing its highs

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

    Max. 126.50

    Min. 124.00

    usdjpy5

    The US dollar has been strengthening against the Japanese yen for the fourth week. The strengthening is followed by the breakouts of string resistance levels at high volume.

    Bulls managed to break and hold above the 124.85 high on Friday, formed at the beginning of the week before. The breakout allowed the bulls to reinforce their positions, and they are now ready to push the price higher.

    In a short-run, we can expect a small correction to the 124.85 mark, now acting as support. The test of this level will most likely trigger continuation of the bullish trend.

    Alternative scenario: the breakout of 124.85 support will open the way down to the round level of 123.40.

    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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