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    Technical analysis for the USD/JPY – 02.11.2015

    The price attempted to break resistance at 121.00, as expected, but it failed to hold above the level and retraced back down. The pair is currently consolidating within the range of 121.00 — 120.10. The indicators suggest some bearish potential, which means decline lower, to 119.30 support, for instance. However, the fact the price keeps around 121.00 resistance, forming “bullish flag” (blue lines) gives enough reasons to expect another growth. In general, earlier expectations remain in force – if price breaks and holds above 121.00 – the triangle’s formation (red lines) will be complete and the price will soon test the next target at 122.40. Decline below 119.30/20, on the other hand, would mean reversal down.

    JPY021115

     

    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 price attempted to break resistance at 121.00, as expected, but it failed to hold above the level and retraced back down. The pair is currently consolidating within the range of 121.00 — 120.10. The indicators suggest some bearish potential, which means decline lower, to 119.30 support, for instance. However, the fact the price keeps around 121.00 resistance, forming “bullish flag” (blue lines) gives enough reasons to expect another growth. In general, earlier expectations remain in force – if price breaks and holds above 121.00 – the triangle’s formation (red lines) will be complete and the price will soon test the next target at 122.40. Decline below 119.30/20, on the other hand, would mean reversal down.

    JPY021115

     

    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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