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iFOREX.bg USD/JPY Technical Analysis 17 July 2008

By:   iForex.bg
  • 17-07-2008
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USD/JPY 105.40 - 17 July
USD/JPY Open 106.22 High 106.25 Low 103.77 Close 105.45

The US Dollar recovered significantly from yesterday against the Japanese Yen from Wednesday's bottom 103.77 to today's top 106.25, which are the first support and resistance levels respectively for the currency couple today. If the negative trend continues, next support further down is expected at 103.15, the break of which would open potential drop towards 102.50. In upward direction next resistance is expected at 107.30, followed by 107.80.
Technical resistance levels: 106.25 107.30 107.80
Technical support levels: 103.75 103.15 102.50

Trading range: 105.50 - 104.90
Trend: Downward
Sell at 105.40 SL 105.70 TP 105.00

Already made +11 pips profit on USD/JPY today from the following signal:
6:00 GMT+1 Sell USD/JPY at 104.94 SL 105.20 TP 104.44 exited at 6:29 GMT+1.
Total today +138, yesterday +190, as shown in details at our web site.
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iForex.bg

iFOREX.bg - Forex Daily and Evening forecasts, direct real time signal recommendations for entry and exit trading positions for EUR/USD, USD/JPY, GBP/USD and USD/CHF, and forex news.

DISCLAIMER:

iFOREX Ltd. is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at iFOREX Ltd. and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at iFOREX Ltd. is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of iFOREX Ltd. employees.

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