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USDJPY pair has opened the week lower touching a low of 122.05 in the Asian trading session. Now it is trading below its 20day moving average of 123.29 in the European trading session. The near term bias remains Neutral to Bearish with targets of 122.00
Levels should be monitored The 122.35 support and 123.20 resistance, as one of them will provide a breakthrough for a clearer sign on the next direction.
After yesterday's strong growth today the pair went into the lateral correction and now tests the sliding alligator (works off a supporting role),
Bulls showed the first signs of weakness, a break-resistance of 98.30 was false and did not find support in the market, now the pair started to decrease
Frame four hours on the pair fell towards the central support line around the 122.45 price and trading below for a short period.
As the pair failed to break support and returned to Aglah trading before closing the four hours candle to close above it, so we believe that any
New landing for the pair must first break of 122.45 support and four-hour closing below and then the next target would be about landing
Support almost 121.50, regarding the boarding Currently we have downside price gap has so far not been fully closed, so it is likely
Very return the pair to rise to the closure of the (Gap) to almost 123.87.
USDJPY pair was bearish yesterday and remained weak towards the end of the trading session. Now it is trading below its 20day moving average of 123.49 in the European trading session. The near term bias remains Bearish with targets of 121.55
Fluctuating dollar versus the yen at pivotal support of 122.35 since yesterday, which represents one of the following directional keys as well as 123.20 resistance, and as we pointed out in a recent report, the price needs to break through one of these levels to determine the following objectives more precisely, which makes us retain our position of neutrality so far.
USD/JPY. The bias is bullish in nearest term but we need a clear break above 123.35 area to trigger further bullish pressure aiming 123.85 region. On the downside, immediate support is seen around 122.50 area, another consistent breakdown below that area would bring the price to neutral zone as direction would become unclear in nearest term perhaps retesting 122.10 area before recovery to the upside.
03, July 2015
USD/JPY (a 4-hour chart)
The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is consolidating.
Trading recommendations
The pair can grow to the resistance level of 123.50. After breaking 123.50 the buyers may go to 124.30.
http://dl.dropbox.com/u/51561036/scr...703-224056.png
It was unable dollar versus the yen to confirm the breach of 123.20 to close daily candle without him, but we note that the stochastic starts intersection positively to keep the list of opportunities for trading positively during the coming period, pending test 124.20 level mainly.
USDJPY: consolidation higher than the 121.95 level
USDJPY
Lug. 6, 2015, 09:57
Sell on a level breakthrough of 121.95 with 121.45 target. Stop loss = 122.45.
Reason for the trading strategy
After the last referendum in Greece, market participants prefer to get out of riskier assets, curtailing part of the yen carry trade operations. Today, the Nikkei 225 lost more than 2%, and the yen is testing the last week highs against the US dollar.
USDJPY, H4
https://www.exness.com/media/media/2015/07/06/3.png