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    Technical analysis for the USDJPY on 24.07.2015

    The USDJPY keeps consolidating at 123.70 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 125.00

    Min. 122.85

    usdjpy12

    Downside correction from 124.40 resistance was halted by 123.70 support. The price approached this barrier at low volumes and consolidated.

    Bears have been testing levels 123.70 for three days in a row, but with no luck. Looks like the price is about to rebound up, especially considering the US dollar’s strengthening across the board.

    To confirm further uptrend, bulls have to break and hold above the resistance of 124.40. If they succeed, it will open the way towards 125.00, 125.50, 126.00.

    Alternative scenario: the breaking of 123.70 support will allow bears to continue their correction down with the target at 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 keeps consolidating at 123.70 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 125.00

    Min. 122.85

    usdjpy12

    Downside correction from 124.40 resistance was halted by 123.70 support. The price approached this barrier at low volumes and consolidated.

    Bears have been testing levels 123.70 for three days in a row, but with no luck. Looks like the price is about to rebound up, especially considering the US dollar’s strengthening across the board.

    To confirm further uptrend, bulls have to break and hold above the resistance of 124.40. If they succeed, it will open the way towards 125.00, 125.50, 126.00.

    Alternative scenario: the breaking of 123.70 support will allow bears to continue their correction down with the target at 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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