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    Technical analysis for the USDJPY on 09.11.2015

    The USDJPY has held above strong resistance of 121.80

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 124.55
    Min. 122.30

    usdjpy

    Bulls broke strong key resistance at 121.80 on Friday amid the release of significant fundamental news in the US.

    The breakout of level 121.80 took place on the back of increased volume and allowed bulls to hold above another strong resistance of 123.00. Level 123.00 is currently acting as strong support.

    If the re-test of 123.00 support is followed by a long consolidation, there’ll be a big chance of the rebound up. Potential growth targets in this case will be situated at 123.75, 124.55.

    Alternative scenario:  

    The breakout of 123.00 resistance will allow bears to correct the price to the lower border of the ascending channel – level 122.30. Then we expect the rebound up and continuation of the bullish trend.

     

    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 USDJPY has held above strong resistance of 121.80

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 124.55
    Min. 122.30

    usdjpy

    Bulls broke strong key resistance at 121.80 on Friday amid the release of significant fundamental news in the US.

    The breakout of level 121.80 took place on the back of increased volume and allowed bulls to hold above another strong resistance of 123.00. Level 123.00 is currently acting as strong support.

    If the re-test of 123.00 support is followed by a long consolidation, there’ll be a big chance of the rebound up. Potential growth targets in this case will be situated at 123.75, 124.55.

    Alternative scenario:  

    The breakout of 123.00 resistance will allow bears to correct the price to the lower border of the ascending channel – level 122.30. Then we expect the rebound up and continuation of the bullish trend.

     

    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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