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USD JPY Poised to Change Trend

By:   James Hyerczyk
  • 23-07-2008
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Analysis

The strong rally continued in the USD JPY and now has this pair in a position to change the trend to up on a trade through 107.75.

A move through this price could trigger an acceleration to the upside to a pair of main tops at 108.42 and 108.59.

The miniumum upside target of this rally is a major retracement price at 109.94.

Uptrending Gann angle support is the key to sustaining this rally.  The first up trending support angle is at 106.26, followed by 105.01.

Look to buy breaks for a drive to 109.94.

Pattern

Main Trend:  Up
Main Trend Top:  108.42 (06-25-08)
Main Trend Bottom:  103.76 (07-16-08)

Price

109.94        50% Retracement
108.59        Main Trend Top
108.42        Main Trend Top
107.75        Main Trend Top

107.29        New York Close

106.26        Gann Angle Up
105.01        Gann Angle Up

Time

July 25        180-Day Cycle
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Next Analysis: iFOREX.bg EUR/USD Technical Analysis 31 July 2008
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.


DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.

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