Thread: Usd/Jpy
analysis for today 12 / 8 / 2014
USD/JPY (Daily Trade)
I think the movement is still in a bullish trend
retracement (38.2%) 120.92
Retracement (50%) 120.69
retracement (61,8%) 120.46
Extensions (61.8%) 122.90
Extensions (100.0%) 123.66
Extensions (138.2%) 124.42
Extensions (161.8%) 124.88
calculation based on a Fibonacci retracement then today I choose buy
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On the USDJPY chart now you can indicate that the price is currently moving above the MBFX indicator's grey line which is the support area with a location at 121.09 Currently by looking on the last signal on vestro indicator it was a bearish saturation signal by going to -100 level of vestro which may be a good notification about going south for the current time if you decided to enter long then you can target the next level of support on MBFX indicator at area of resistance on MBFX indicator at area of 121.8 as first take profit and 122.5 as your next and final target as long as the price did not hit 120.65 which can be used also as stop loss for your buy trades.
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by viewing the USDJPY chart of the day we conclude that strong bullish trend happened due to the blade oscillator of value 0.03 located above the balance level of the indicator which shows a blue signal to conclude a strong indication that a bullish direction happen on the short run.
By the way the moving average 5 on the chart giving us a down indication then the bottom placed at price 121.45 can be taken as a stop loss point for the buy orders given by the indicators that we deal with them .
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According to my analysis on the USDJPY chart for today
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According to price position which is below the EMA indicator on the USDJPY chart I believe it will be taking a bearish direction throughout the day.
A buy signal is indicated by the RSI indicator according to the line which is currently above the center line of 35.
Using the MACD indicator we can see that the green lines are heading up which means that the market bulls are the ones in control in the current period.
As a result to that I do believe that choosing the bears for the current day would be the best choice but that of course until we get an opposite buy signal via the EMA indicator when the price gets above the wave .
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The moment indicator indicates that there is good selling signal on our pair USDJPY and thats because of the cross taking place where the blue lines location is below the red line at the moment The oracle strength indicator.
on the other hand is could be considered be giving a upwards direction signal according to the yellow color shown.
If we needed more confirmation on the direction then the Oracle direction indicator would do the trick as you can see the red colors on the arrows could be acting as downward signals.
Now as a conclusion from all the data we acquired up till now I believe that a downward trend would be taking action and that of course if the sell cross was still on the chart sell trades would have the priority as long as the ATR indicator gives selling signals.
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analysis for today 12 / 8 / 2014
USDJPY
Resistance : R1 122.10 R2 122.35 R3 122.55 R4 122.85
Support : S1 121.08 S2 120.83 S3 120.63 S4 120.33
Open : 121.56
High : 121.83
Low : 121.35
Range : .48 Pips
Running Price : 121.38
Strategy : BUY at the level 121.38 stop loss at the level 121.08 target take profit at the level 122.55 or at the level 122.85
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this yen is still sitting on the support area, i think this support will be broke soon
the fibo ratio for retracement on d1 is already broke so there is no way this pair will go up
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As a result of the green arrow that we are seeing at the moment on the USDJPY chart we conclude that a bullish trend would be taking place now on the top of that the bottom located at the price 119.65 which is a strong support at the moment and the price shouldnt be able to go below it if the bullish trend stayed strong.
A up direction is to be taking place because of the parabolic sars dots which are located below the candles.
And for a take profit the price level 121.6 would be perfect since it's a resistance when we are buying because there might be a good chance for the price to start hitting south after hitting it.
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The current trend of an upward trend and then target 81.10 if the price went to the lowest point 80.65, breaking the trend turn to the downside targeting 80.35
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