TECHNICAL ANALYSIS USD/JPY 04/10/14
1 Hour Intraday Trading
The last three trading days the USDJPY managed to stop
the bullish momentum, Bears won the last battle and created a downward trend
line (T) with a move of 255 pips. The last hours the price has been
consolidating (blue channel) trying to find a way out either breaking above or
below.
SCENARIOS
If price breaks below of the low boarder of the
channel then most possibly will also test S2 Level, a support that is valid
from February 4 of 2014, and a break below of this level will alert a very
strong bearish momentum possibly with a move that will approach the 100 level.
Now a possible break out above the channel which also
means that price will also have managed to penetrate the trend line and will
alert a temporary win of the bulls heading the price towards the R2 Level at
102.64
INDICATOR ANALYSIS USD/JPY
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