USD/JPY Weekly Technical Report 1-5/10/2012

ecPulse
2012-10-03 12:58PM UTC

 

The pair is currently battling 76.4% Fibonacci retracement of the entire upside rally from 76.00 to the significant high of 84.15 once again as seen on the provided daily chart. RSI 14 is moving below the value of 50.00, while MACD is neutral. Actually, the risk versus reward ratio isn’t convenient to suggest a potential trading setup. Thereby, we should stay  aside until an actionable setup presents itself to pinpoint the next move, noting that a break above 76.4% with a daily closing will bring the bullishness back into focus. On the downside, a break below 77.30-77.00 territories will be a very negative indication over short term basis.

The trading range for this week is among key support at 76.80 and key resistance now at 79.25.

The general trend over short term basis is to the  upside  targeting  87.45  as far as areas of  75.20 remain intact.

Support    77.60    77.30    77.00    76.80    76.50
Resistance    78.00    78.20    78.50    78.80    79.00
Recommendation    Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

Forex and Currency News

Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...
EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...

Forex Technical Analysis

EUR USD Analysis

Forex

End of day EURUSD price forecast update - 28-03-2024
2024-03-28 17:42PM UTC
The EURUSD price provided additional negative trades to reach the thresholds of the first waited ...
NZD USD Analysis

Forex

The NZDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
NZDUSD Price Analysis The NZDUSD price resumes its negative trading to move away from 0.6000$ ...
AUD USD Analysis

Forex

The AUDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
AUDUSD Price Analysis The AUDUSD price achieved initial break to 0.6500$ level and closed the ...