30 June 2009
USD/JPY technical analysis
A Barrier on resistance level 95.40/60 didn’t last long, a price continue to growth, but to the level of 96.40 pointed out in a previous commentary, and while didn’t match 10 points, being started of correction. However, while still found base on a support of 95.40/60, “bulls” trying to organize another growth with the target of trend line solidness testing of upward channel (red lines). Indicators display push us to expectations of success in resuming of growth – R% has found its base on graphic SS and directed upward, MACD took up its histograms to zero point and probably will rise up into the positive zone. Obviously a pair will continue their growth and target of 96.40/50 will be reached, but without continuation, after trend line test biddings its again will search for a support, i.e. it’s a high possibility of bidding consolidation in side corridor, limited by levels 96.40/50 – 95.60/40.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
