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    Technical analysis for the USD/JPY on 19.10.2015

    The pair extended its consolidating range and tested strong support at 118.60/20. However, it has failed to breach this barrier on the way down and is now traded at 119.40/30. Such development doesn’t cancel the possibility of a triangle (read lines), the price is still expected to exit the triangle to the upside.  Indicators suggest growing bullish potential  – R% and SS are turned up, MACD rose to a zero mark and will probably step up in the positive zone. Therefore, we now anticipate further growth, to the upper triangle’s border, which is now matching with 121.00/05. If price breaks and holds above this barrier, it’ll indicate that the formation of triangle is complete. In this case we’ll be expecting growth towards 122.40 resistance. Alternative scenario is possible if price falls breaks support at 118.60/20, which will increase the possibility of decline towards  116.15/115.80.

    JPY191015

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

     

    The pair extended its consolidating range and tested strong support at 118.60/20. However, it has failed to breach this barrier on the way down and is now traded at 119.40/30. Such development doesn’t cancel the possibility of a triangle (read lines), the price is still expected to exit the triangle to the upside.  Indicators suggest growing bullish potential  – R% and SS are turned up, MACD rose to a zero mark and will probably step up in the positive zone. Therefore, we now anticipate further growth, to the upper triangle’s border, which is now matching with 121.00/05. If price breaks and holds above this barrier, it’ll indicate that the formation of triangle is complete. In this case we’ll be expecting growth towards 122.40 resistance. Alternative scenario is possible if price falls breaks support at 118.60/20, which will increase the possibility of decline towards  116.15/115.80.

    JPY191015

     

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

     


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