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USD/JPY Technical Analysis 19 November 2008
By: iForex.bg - 19-11-2008
1votesUSD/JPY 96.94 - 19 November
USD/JPY Open 96.71 High 97.39 Low 96.05 Close 96.26
Yesterday Dollar/Yen made an indecisive motion as the currency couple opened and closed the day at almost the same price - 96.27 and 96.26. On the one hour chart we have a formed triangle, and the price seems to be consolidating. Our trading model for today remains mixed with descending signals in the long term. The nearest support is seen at 96.05, the break of which may lead to new bearish momentum. Immediate resistance is 97.20. Break upwards that level may cause a further upward adjustment. RSI indicator shows that the currency pair is in the overbought zone, which is a signal for further reduction today.
Technical resistance levels: 97.20 98.75 99.60
Technical support levels: 96.05 95.25 94.40
Trading range: 97.05 - 96.40
Trend: Downward
Sell at 96.94 SL 97.24 TP 96.54
Already made +29 pips profit on USD/JPY today from the following signal:
5:55 GMT Buy USD/JPY at 96.57 SL 96.31 TP 97.07 exited at 8:30 GMT.
Total today +102, yesterday +126, as shown in details at our web site.
Next Analysis: News Center [Daily Reports] - Technical Analysis for Major CurrenciesContent 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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