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    Technical analysis for the USDJPY on 31.07.2015

    The USDJPY held back by 124.40 resistance for the fourth time

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 125.50

    Min. 122.50

    usdjpy17

    Bulls have been making unsuccessful attempts to break above the strong 124.40 resistance for a long time. The barrier has been tested four times, but with no further breakout.

    Bulls refreshed the last week’s high at 124.47 yesterday, but failed to hold above the 124.40 mark – false breakout was followed by the pullback down.

    Potential correction target is situated at the ascending trend line of 123.80. As long as the trend line remains safe, bullish potential preserves.

    Alternative scenario: downside correction will commence if bears break and hold below 123.70 support.

    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 back by 124.40 resistance for the fourth time

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 125.50

    Min. 122.50

    usdjpy17

    Bulls have been making unsuccessful attempts to break above the strong 124.40 resistance for a long time. The barrier has been tested four times, but with no further breakout.

    Bulls refreshed the last week’s high at 124.47 yesterday, but failed to hold above the 124.40 mark – false breakout was followed by the pullback down.

    Potential correction target is situated at the ascending trend line of 123.80. As long as the trend line remains safe, bullish potential preserves.

    Alternative scenario: downside correction will commence if bears break and hold below 123.70 support.

    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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