The Fusion Media Network: |
 |
Welcome,
Guest!
- BROKERS
Main Directory Promotions Interviews Compare Demo Accounts Live Accounts Special Offer - SOFTWARE
Main Charts Signals Trading Platforms - FUND MANAGERS
Main Interviews - EDUCATION
Main - MEMBERSHIP
Technical
Central Banks
Forex Brokers
Trading Tools
The Pattern Price Time Report - USD JPY - Evening Session
By: James Hyerczyk - 25-08-2008
0votesThe USD JPY declined on Monday as aggressive traders who bought last week sought the safety of the Yen. During times of economic upheaval and financial market instability, traders often curtail their appetite for risk. In this case, investors decided to pay back borrowed Yen by selling Dollars rather than take the heat of a down stock market while trying to catch a higher yield.
Technically, the main trend is down on the daily chart, but a new main bottom has formed at 108.12. Look for an acceleration to the down side if the market can break this level again this week.
Developing weakness is indicated by the close under 109.94. As long as the market remains under this major 50% price, look for down side pressure. The price cluster at 107.39 to 107.23 is the best support tomorrow. Counter-trend traders should look for a buy at this support.
On the up side, look for the best resistance at 109.78 to 109.94. Trend traders are likely to sell into this resistance cluster.
PATTERN
Main Trend: Down
Main Trend Top: 110.65 (08-15-08)
Main Trend Bottom: 108.12 (08-21-08)
PRICE
110.65 Main Trend Top (08-15-08)
110.29 Weekly Gann Angle Down
109.94 50% Retracement
109.78 Gann Angle Down
109.30 New York Close
108.12 Main Trend Bottom (08-21-08)
107.39 Gann Angle Up
107.27 Main Trend Bottom (08-01-08)
107.23 Weekly Gann Angle Up
107.21 50% Retracement
106.39 .618 Retracement
TIME
Aug 29 180-Day Cycle and 1-Year Anniversary
Attached Images
Next Analysis: The Forex Pattern Price Time Report - USD CHF - Evening SessionContent 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.
Become a member and get 6 free Forex courses by OTA! - Charts
- Survey
Have you ever attended an investing related conference?
Browse The Entire ForexPros.com Site:
News
Quotes
Forex Analysis
Forex Brokers
Forex Software
Live Events
Charts
Fund Managers
Education
Forex Forums
Languages
