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    Technical analysis for the USDJPY on 07.07.2015

    The USDJPY held above strong resistance of 122.45

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 105 pips Max. 123.70

    Min. 121.45

    usdjpy2

    For the second time in the last two weeks the downtrend halted at 121.90 support. The level has been tested twice, but the price bounced up both times.

    Another rebound from 121.90 support allowed the bulls to push the price above the strong resistance of 122.45, which is currently acting as support.

    Short-term consolidation above 122.45 will allow the bulls to correct the price to the upper border of the descending channel at 123.30.

    Alternative scenario: the downtrend will turn up if price breaks the upper border of the descending channel at 123.30.

    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 held above strong resistance of 122.45

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 105 pips Max. 123.70

    Min. 121.45

    usdjpy2

    For the second time in the last two weeks the downtrend halted at 121.90 support. The level has been tested twice, but the price bounced up both times.

    Another rebound from 121.90 support allowed the bulls to push the price above the strong resistance of 122.45, which is currently acting as support.

    Short-term consolidation above 122.45 will allow the bulls to correct the price to the upper border of the descending channel at 123.30.

    Alternative scenario: the downtrend will turn up if price breaks the upper border of the descending channel at 123.30.

    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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