USD/JPY - Hope For A Rebound After 9 Days Of Declines
FxGrow | Feb 12, 2016 05:12AM ET
USD/JPY - After 9 days of declines there is a hope for a rebound
Previous AUD/JPY analysis was very profitable. I indicated flag pattern and direction of breakout. I wrote: 'Flag is a pattern of trend continuation which means that price should break below lower limit of the flag according to a main downtrend'. As you can see breakout occurred and price sharply moved down. After rebound, since mid-January decline continues and yesterday price tested support at 77.60.
Right now rebound should also occur - in last 9 days price declined without one day of stronger break. Yesterday's daily candle with long bottom shadow gives a hope that rebound will start right now. Nearest supports are at 79.60, 77.70, 74.80. Nearest resistances are located at 82.20, 83.60, 84.70, 85.60.
Time frame D1
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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.