Daily Forex Update: USD/JPY
AutoChartist | Sep 19, 2013 05:27AM ET
Autochartist recently identified the Flag chart pattern on the daily USD/JPY charts – as you can see from the next trade opportunity alert for this currency pair. The pair is expected to break this Flag and then to fall to the target level 96.81 in the following 6 trading days. The stop-level for this forecast is set at 100.595 (point B, the top of this chart pattern). This point formed earlier – when the pair failed to approach the strong resistance area made out of the long-term resistance level 102.00 (previous multi-year support which had reversed the pair sharply up in 2000 and in 2005), the 61.8% Fibonacci Retracement of the preceding monthly downward impulse from 2007 as well as the monthly upper Bollinger Band (as you can see on the second chart below).
The following monthly USD/JPY chart shows the aforementioned resistance levels:
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.