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Technical analysis for the USDJPY on 04.08.2015

The USDJPY: the uptrend has turned down for correction

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

Min. 123.00

usdjpy1

Another test of 124.50 resistance has turned the uptrend down for correction.

The price broke the ascending trend line at 124.00, and the descending channel was formed. At the moment we observe a slight growth into the channel’s upper border at 124.10.

To confirm correction down, bears have to break and hold below strong support of 123.70. The breakout will open the way to the last week’s low at 123.00.

Alternative scenario: the breaking of the descending channel’s upper border at 124.10 will allow the bulls to test 124.50 resistance for the third time.

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 down for correction

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

Min. 123.00

usdjpy1

Another test of 124.50 resistance has turned the uptrend down for correction.

The price broke the ascending trend line at 124.00, and the descending channel was formed. At the moment we observe a slight growth into the channel’s upper border at 124.10.

To confirm correction down, bears have to break and hold below strong support of 123.70. The breakout will open the way to the last week’s low at 123.00.

Alternative scenario: the breaking of the descending channel’s upper border at 124.10 will allow the bulls to test 124.50 resistance for the third time.

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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