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    Technical analysis for the USDJPY on 28.07.2015

    The USDJPY is correcting into the range of tough resistance at 123.70

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 124.40

    Min. 122.40

    usdjpy14

    Hardly reaching 122.85 support, the downtrend turned up for correction. The correction is taking place at low volumes and its main target is found at 123.70 resistance.

    Level 123.70 presents quite a strong resistance. Its test amid strong divergence may trigger consolidation, followed by the bounce down.

    Potential decline targets are situated at the two supports of 123.00, 122.85.

    Alternative scenario: medium-term uptrend will continue if price breaks the upper border of the descending channel at 123.85.            

    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 is correcting into the range of tough resistance at 123.70

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 124.40

    Min. 122.40

    usdjpy14

    Hardly reaching 122.85 support, the downtrend turned up for correction. The correction is taking place at low volumes and its main target is found at 123.70 resistance.

    Level 123.70 presents quite a strong resistance. Its test amid strong divergence may trigger consolidation, followed by the bounce down.

    Potential decline targets are situated at the two supports of 123.00, 122.85.

    Alternative scenario: medium-term uptrend will continue if price breaks the upper border of the descending channel at 123.85.            

    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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