On the upside, another move back above 78.24 could lead price to neutral zone in nearest term but as long as price stays below 79.55 my overall technical bias remains strongly to the downside.
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On the upside, another move back above 78.24 could lead price to neutral zone in nearest term but as long as price stays below 79.55 my overall technical bias remains strongly to the downside.
now i suggeste for traders on this pair can go for sell positions down 77.4 levels with targets at 76.7 and 76.3 in extension.
and go buy if the price head above 77.4 level we can look for further upside with 77.65 and 78.05 as targets.
The short term trend to the upside, the goal at 87.45 as long as the regions of 76.40 fixed.
Support 77.10 76.75 76.40 75.25
Resistance 77.65 77.80 78.35 79.30
i think traders on this pair can go for short positions below 77.4 with targets at 76.7 and 76.5 in extension.
and if the trend move above 77.4 look for further upside with 77.65 and 78.05 as targets.
good hunt
The pair trended lower throughout the session and finished below 77.00 level. Of note, given the pressure that the BoJ is under to curtail the recent surge in JPY, the BoJ’s Governor Shirakawa said the central bank will need to carefully examine economic and price developments with an eye on the effect of recent JPY rises
This is the news come out after the big up movement from USD/JPY that influence all the Yen pair to go up 100 pips in fast. Nikkei: Bank of Japan intervenes. Separate report: Ministry of Finance confirms intervention. let's see how far the intervention will effect on the chart. since its going up for the Yen pair. while other pair remain silence.
USD/JPY came alive in Asian trade, confirming what everyone had been expecting as the BoJ intervened in the forex market.
With the BOJ intervention, usdjpy has jump by more than 300 pips this morning,
currently high at 80.23. it is quite interesting to know the effect of this
news in the long-term. in my view, it would be (most possibly be) up for usdjpy.
the BOJ initiates measure to devaluate yen against the dollar.
Despite dlr's anticipated cross-inspired' brief bounce to 77.83, lack of
follow-through buying n subsequent swift retreat suggests y'day's
recovery fm a 4-month low at 76.29 has possibly made a top n below
77.20 wud confirm this view, yield 76.85/90.
Stand aside n sell on upmove for day trade or on recovery once
initial sup at 77.20 is penetrated.
they currently sit on my second support at 78.7 in my chart after suffering a great "constant" fall today, i will stop my trade on this pair at the moment, but my preference is more decline to 3rd support before the market closed:)Quote:
Originally Posted by niteshforex