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Thursday, June 20, 2013

USDJPY Technical Analysis on June 20, 2013

  • For the past few days the dollar has strongly supported against the yen but for more than three weeks this pair seems to be weakened. As per long term analysis, I think there will be a plenty of achievements to come into this pair. What we are watching now is a simple retracement of huge move from September 2012 lows to last month’s highs. 
  • I haven’t induced that the retracement has completed yet. So the final result we concluded is keeping an eye on the 50 and 61.8 fib levels of the move from last month’s highs to this month’s lows. 
  • If the pair breaks above this fib level it would considered as the retracement in the pair may over, otherwise there will be further weakness for this pair. If the 50 fib level moves around 90.42 means it will be the target point
  • Specify the particular trend to act as a key support and resistance level on the daily chart, the middle the middle bollinger band could also provide a key hint about the future direction of the pair. A close above here would be quite a bullish signal.

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