empty
 
 
02.04.2014 04:34 AM
Technical analysis of USD/JPY for April 02, 2014

The Japanese yen retraced 50% of its last leg, completed a weekly consolidation, and started moving up again. Since it has not entered a larger correction, possibility is that wave 5 is subdivided into an extension. So holding 101.35 as support, USD/JPY is now heading to 110, in wave 3 of 5. If a weekly close above the 105.44 level, we can extend out targets towards 114 and higher levels.

This image is no longer relevant

Weekly basis-

In the H4 chart, the pair is moving in one side. In Asia's trading session, the pair is trading at 103.66 and it is near the previous high level at 103.73. The RSI is in overbought zone. We expect the pair to take a back seat before further up move. On the downside, the support levels exist at 103, 102.75, 102.5, and 101.75. On the up side, if the pair crosses the resistance level of 103.73, the pair will fly up to 105.30 with intermediate resistance levels at 104.6 and 105. Buy on dip is a good strategy for this pair. The levels of 102.78 and 102.3 (50SMA) in the daily chart are good support in the coming days.

This image is no longer relevant
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback