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January 28, 2013

Weekly forex post – USD/JPY 28th January – 02nd February ,2013

Posted by: FreeForexSignal.com @ 02:31 GMT Category: Signals,USD/JPY,Weekly Forex

Technical view – USD/JPY

USD/JPY this week

SPOT USD/JPY Previous week OHLC
Open High Low Close Change
89.96 91.19 88.03 90.90 0.85
Weekly Support and Resistance
Resistance
Support
R3 94.00
R2 93.00
R1 91.50
   
S1 89.50
S2 88.75
S3 87.70

USD/JPY ended the week with gains of 0.94%, marking the eleventh successive week of positive closes, not witnessed in many decades. The pair was highly volatile and briefly broke mid and long- term supports at 89.50 and 88.75 correspondingly, but bounced off the lower end of the near- term bullish channel at 88.00. Expect the pair to trade in the 89.00- 91.50 range for the week.

usdjpy weekly

Trend direction

  • Near term trend- Topping out
  • Medium term trend- Bullish
  • Long term trend- Bearish

Recommendations

  • Short:
    • Short USD/JPY at 91.50 with a stop loss at 92.20 for a profit target of 89.75
  • Long:
    • Long USD/JPY at 92.20 with a stop loss at 91.70 for a profit target of 93.50
Post ID: 3646
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