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USD/JPY Technical Analysis 17 November 2008
By: iForex.bg - 17-11-2008
1votesUSD/JPY 96.70 - 17 November
USD/JPY Open 96.19 High 97.60 Low 95.95 Close 97.02
Last week Dollar/Yen consolidated, and strengthening above the 100.00/50 area could not be accomplished. On the weekly chart descending pressure continues to remain strong, while the currency pair remains under 101.50. On the daily chart the currency couple remains under decreasing pressure. After reaching a minimum level since 1995 the USD/JPY corrected, but development of further growth is absent for now. The risk of continuation of the downward movement remains high enough, and strengthening under the support 96.10 would give signals in that favor. The nearest resistance is 97.45, followed by 98.75.
Technical resistance levels: 97.45 98.75 99.60
Technical support levels: 96.10 95.25 94.40
Trading range: 96.80 - 96.20
Trend: Downward
Sell at 96.70 SL 97.00 TP 96.30
Already made +16 pips profit on USD/JPY today from the following signal:
5:54 GMT Sell USD/JPY at 96.97 SL 97.23 TP 96.47 exited at 5:59 GMT.
Total today +124, on Friday +91, as shown in details at our web site.
Next Analysis: Financial Markets ReviewContent Provided by:
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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