18 January 2010
USD/JPY: technical analysis
The pair couldn’t manage to surmount the resistance at 91.80/90 mentioned in the previous analysis as a key one for the further growth. This pair rolled back downward and checks up for endurance the support at 90.80/70. This very support had been declared before as a signal one and the breakage through it will denote the complete of the ascendant trend at this pair. Although, the “bears” can’t break through this obstacle and it affords the chances for the “bulls” as for the power comeback at high. The indicators’ values may be evaluated as saying for the decrease. But the probability of divergence at MACD together with the fail of R% as for the falling down lower than the trimming line of the oversold zone means some diffidence that resides at the market and the probability of the behavior’s pass over to the side of the US dollar’s purchases. The next price growth higher than 91.30/40 will determine the beginning of the increasing scenario’s accomplishment. As for the descendant trend – the former conditions still stay here i.e., the necessity of the breakage through the exercised support at 90.90/80/70 and fixation lower.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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