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    Technical analysis for the USDJPY on 24.11.2015

    The USDJPY: the uptrend is weakening

    usdjpy4

    Medium-term bullish trend halted at 123.60 resistance and reversed down for correction, which allowed bears to break the channel’s lower border at 123.00.

    This exit form the six-week ascending channel is a signal for further correction down. To confirm this assumption, however, bears will have to break and hold below current support of 122.60.

    The breakout of the 122.60 mark will trigger decline to the next closest support at 122.25. If the price fall even lower, the next target will be situated at 121.50.

    Alternative scenario:

    To continue the medium-term bullish trend, bulls need to break above the tough resistance at 123.60. The breaking, if takes place, will open the way up to 124.00.

     

    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: the uptrend is weakening

    usdjpy4

    Medium-term bullish trend halted at 123.60 resistance and reversed down for correction, which allowed bears to break the channel’s lower border at 123.00.

    This exit form the six-week ascending channel is a signal for further correction down. To confirm this assumption, however, bears will have to break and hold below current support of 122.60.

    The breakout of the 122.60 mark will trigger decline to the next closest support at 122.25. If the price fall even lower, the next target will be situated at 121.50.

    Alternative scenario:

    To continue the medium-term bullish trend, bulls need to break above the tough resistance at 123.60. The breaking, if takes place, will open the way up to 124.00.

     

    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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