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February 4, 2013

Weekly forex post – USD/JPY 4th – 9th February ,2013

Posted by: FreeForexSignal.com @ 04:01 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
90.90 92.96 90.30 92.72 1.82
Weekly Support and Resistance
Resistance
Support
R3 96.75
R2 95.50
R1 94.00
   
S1 92.50
S2 91.00
S3 89.60

USD/JPY ended the week with gains of 2%, recording twelve successive weeks of positive closes. The greenback closed above near- term bullish channel and is holding at a crucial resistance of 92.75, break of which the pair should rally to 94.00- 95.50 in the near term with the medium term target placed at 96.50- 97.00. However, a close below 92.50 will negate this view.

usdjpy weekly chart

Trend direction

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

Recommendations

  • Long:
    • Hold on to long USD/JPY initiated at 92.20 with a stop loss at 91.80 for a profit target of 93.75.
  • Short:
    • Short USD/JPY at 91.80 with a stop loss at 92.10 for a profit target of 91.00
Post ID: 3744
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