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    Technical analysis for the USDJPY on 10.07.2015

    The USDJPY has corrected to the descending trend line of 122.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 125 pips Max. 123.00

    Min. 120.40

    usdjpy4

    Bulls have been correcting the price up from 120.40 support for two days. Corrective growth at low volumes reached strong resistance at 122.00, which is crossed by the trend line.

    Level 122.00 presents a strong barrier for this instrument, where from the price is expected to rebound down. Before it happens, however, short-term consolidation may occur.

    The rebound from 122.00 will open the way down to the weekly low at 120.40 support.

    Alternative scenario: the breakout of 122.00 resistance will allow the bulls to continue upside correction towards 122.45, 122.90.

    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 corrected to the descending trend line of 122.00

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 125 pips Max. 123.00

    Min. 120.40

    usdjpy4

    Bulls have been correcting the price up from 120.40 support for two days. Corrective growth at low volumes reached strong resistance at 122.00, which is crossed by the trend line.

    Level 122.00 presents a strong barrier for this instrument, where from the price is expected to rebound down. Before it happens, however, short-term consolidation may occur.

    The rebound from 122.00 will open the way down to the weekly low at 120.40 support.

    Alternative scenario: the breakout of 122.00 resistance will allow the bulls to continue upside correction towards 122.45, 122.90.

    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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