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Technical analysis for the USDJPY on 20.08.2015

The USDJPY bounced down from tough resistance of 124.45

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 125.30Min. 123.00

usdjpy12

Long consolidation below the strong resistance of 124.45 was followed by the bounce down. The rebound took place amid high volume, which indicates strengthening downtrend.

The price has already reached the closest target at 123.75 support. To continue correction down, bears have to break and hold below the 123.75 mark.

The breakout will open the way down to the next support at 123.00. The test of this level will most likely trigger a short-term consolidation.

Alternative scenario: to turn the downside correction up, bulls have to break above the resistance of 124.45. The breakout will open the way to the next target at 125.30.

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 bounced down from tough resistance of 124.45

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 125.30Min. 123.00

usdjpy12

Long consolidation below the strong resistance of 124.45 was followed by the bounce down. The rebound took place amid high volume, which indicates strengthening downtrend.

The price has already reached the closest target at 123.75 support. To continue correction down, bears have to break and hold below the 123.75 mark.

The breakout will open the way down to the next support at 123.00. The test of this level will most likely trigger a short-term consolidation.

Alternative scenario: to turn the downside correction up, bulls have to break above the resistance of 124.45. The breakout will open the way to the next target at 125.30.

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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