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Old 22-08-2012, 19:24
FXGLORY's Avatar
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Join Date: Jun 2012
Posts: 249
Default Re: Technical Analysis By FxGlory

Technical Analysis of USD vs. JPY pair dated 22.08.2012

USD/JPY pair in its recent ascending trend by reaching to the descending line which is made of three resistance peaks is unable to ascend more and finally with the formation of top price fell down. Right now in this currency pair in case of the recent downfall the top price of 79.648 is confirmed. And the most important current resistance level will be in front of the price.

Stoch indicator in 4H time frame is located in the saturation sell area and by considering the next cycle we can expect the increase of the price. And also the bottom price of 79.151 is confirmed in the chart. Generally until this price is preserved the ascending trend and reaching to the resistance level of 79.648 is possible. For having an ascending trend the price must break the descending line and crosses that and by confirmation of the bottom price at 77.910 level, the price will be increased and goes toward the next resistance level.

In weekly chart of this currency pair, in recent weeks the price is on the alternate level (from resistance to supportive) formed a supportive bottom with the bellow long shadows which shows the failure of the sellers for reaching to the lower price in this range. Stoch indicator in 4H time frame shows the possibility of ascending candles and the first goal for long-term buyers is the resistance level of 80.597.

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