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USD/JPY intraday: under pressure.
Pivot: 97.75
Our preference: Short positions below 97.75 with targets @ 96.95 & 96.55 in extension.
Alternative scenario: Above 97.75 look for further upside with 98.2 & 98.5 as targets.
Comment: the pair has struck against its resistance and should face further weakness.
Pair : USDJPY
Updated : Thu, May 02 06:06
Price : 97.29
Movement : -8.9 Pips
Movement : -0.09%
Support : 96.71
Pivot : 97.36
Resistance : 98.00
:(
In the bigger picture, whole decline from 124.13 should have already completed at 75.56. Stronger medium term rally could be seen back towards 101.65 key support turned resistance level. We'll see how USD/JPY responds at around 100 to judge the underlying medium term momentum for stronger up trend. Sustained break there should at least push USD/JPY through 61.8% retracement of 124.13 to 75.56 at 105.57. Meanwhile, break of 92.56 support is needed to be the first sign of medium term topping. Otherwise, we'll stay bullish.
USDJPY,H1
Date 2013.05.02
Time 04:00
Open 97.25
High 97.41
Low 97.23
Close 97.38
Volume 83
SMA(5) 97.27
SMA(10) 97.29
SMA(20) 97.35
SMA(50) 97.47
SMA(100) 97.81
SAR 97.52
Indicator window 1
Stoch(5,3,3) 43.0894
Signal 39.1004
Indicator window 2
RSI(14) 50.8427
Indicator window 3
MACD(12,26,9) -0.051
Signal -0.061
Indicator window 4
%R(14) -29.4118
based on combination of indicators above,
trend : NEUTRAL
seen in the figure that the USDJPY currency pair touched a sell zone which starts at a price 97.15, so the price could still be possible to go back down, and I think for those of you who have not done in order to start again on the sell stop at 97.15 tp price at 96.95, but sometimes weakened by jpy can occur suddenly, then you can anticipate it and put buystop at price 97.55
bullish tendency are shown by two histograms from Accumulated Oscilator (AO), and Gator Oscilators which are positive value but Relative Vigor Index (RVI) is still indicating downtrend so pair is still in step by step bullish from 97.35 because after several days this pair only moves above 97.00 it means this bullish power is strong enough then pair is still in sideway near high level
time frame- M30
the price is moving in the channel pattern. the pivot point is also acing as resistance at the 95.35 and here price is making doji pattern. we can long if this resistance is break to the target at 98.00 and stop loss at the 96.50
good luck
With 98.20 minor resistance intact, deeper decline is still in favor as consolidation from 99.94 extends. But downside should be contained by 95.74 and bring rebound. An eventual upside breakout is still expected. Above 98.20 minor resistance will turn bias back to the upside. And, break of 100 should send USD/JPY to 161.8% projection of 77.13 to 96.70 from 92.56 at 104.65 next.
Now the price is moving below the pivot point as you can see in the chart.
At this stage I will sell with take profit just above the Support at 97.05.00 and stop loss at 25 pips level.
http://charts.mql5.com/1/458/usdjpy-...orex-group.png
Pivot levels today:
R3: 98.37
R2: 98.02
R1: 97.71
PP: 97.36
S1: 97.04
S2: 96.70
S3: 96.38
Comment: Price now is below the daily and weekly pivot levels, also it is below the 55 SMA, so more fall is expected.
Forecast: Price may fall to 96.16.
Spoiler: