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monthly Forex analysis by

Postby salehahmed » Wed Mar 14, 2012 12:24 pm

30 Day Technical Outlook for USDJPY
ACFX on March 5, 2012
The monthly range based upon the most recent Average True Range readings is 3.4189. This implies that USDJPY could potentially trade between 77.8571 and 84.6949. Monthly support is 76.00 and resistance 85.50, 95.00.
USDJPY has experienced a strong multiyear down trend. The price action has bounced off the lows off the envelope with the February 2012 candle closing above the highs of the previous six months. This has coincided with a bullish stochastic divergence and a down trend line break.
The current technical view is neutral with a possible bullish correction up to resistance of 85.50 and then the upper envelope. Due to the severity of the down trend, there would need to be a larger bullish pattern formation before there are signs that a bottom has been put in.
The alternative scenario is a down break of support at the 76.00 area with a subsequent move down to the lower band.

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