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    Technical analysis for the USDJPY on 23.07.2015

    The USDJPY: the uptrend has turned into consolidation

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 125.00

    Min. 122.85

    usdjpy11

    Having bounced from 124.40 resistance, the price fell into the range of strong support at 123.70. Short-term test of the 123.70 mark initiated a slight rebound up.

    Trading volumes are low and divergence suggests weakening bullish potential. There’s a big chance of another decline into 123.70 support.

    If the second test of the 123.70 mark fails, the price will rebound up. Potential growth target in this case will be found at 124.40 resistance. Its breakout, if takes place, will open the way up to 125.00.

    Alternative scenario: if bears manage to break and hold below 123.70 support, it’ll allow them to push the price further down towards 123.00 – 122.85.

    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: the uptrend has turned into consolidation

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 125.00

    Min. 122.85

    usdjpy11

    Having bounced from 124.40 resistance, the price fell into the range of strong support at 123.70. Short-term test of the 123.70 mark initiated a slight rebound up.

    Trading volumes are low and divergence suggests weakening bullish potential. There’s a big chance of another decline into 123.70 support.

    If the second test of the 123.70 mark fails, the price will rebound up. Potential growth target in this case will be found at 124.40 resistance. Its breakout, if takes place, will open the way up to 125.00.

    Alternative scenario: if bears manage to break and hold below 123.70 support, it’ll allow them to push the price further down towards 123.00 – 122.85.

    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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