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Weekly Forex Signals: USD/JPY Print E-mail
Technical Archives |  Written by Finotec Group |  Jun 09 09 11:21 GMT | 

Weekly Forex Signals

U.S. dollar takes full advantage of worn-out Yen

LONG SIGNAL SHORT SIGNAL
USD/JPY
  • Buy a break of resistance level at 98.90
  • Buy a break of resistance level at 99.70
  • Buy a bounce at 97.90
  • Sell a break of support level at 97.90
  • Sell a break of support level at 96.80
  • Sell a failure of breaking the resistance 98.90

Fundamental

The yen advanced for a second day against the euro and strengthened versus the dollar as declines in Asian stocks spurred demand for the relative safety of Japan’s currency. The yen also rose against all 16 of the most-active currencies after the Wall Street Journal reported the Obama administration wants Europeans to put their banks through more rigorous stress tests, raising concern about the strength of the banking system in the 16-nation region.

Technical

U.S. Dollar fails to form a higher top against Japanese Yen but we can see the indicators show us an upwards direction like RSI , which breaks 50% level and continues upwards, MACD crosses the signal line pointing up and Bollinger band gives us a bullish signal by closing the candle above the upper band.

Trends

Primary Tendency (Daily Chart): The primary tendency breaks Fibonacci fan first level.

Secondary Tendency (Four Hour Chart): The pair bounced on standard error channel.

Minor Tendency (Hourly Chart): The Minor trend shows us sideways.

Resistance

98.90
99.70

Support

97.90
96.80

Technical Indicators

Crossing of two moving averages and closing price of the candle is above the short-term moving averages.

RSI (Relative Strength Index) breaks 50% level upwards.

MACD crosses the signal line and pointing upwards.

Bollinger gives us a bullish signal after closing the candle above the upper band.

Finotec Group Inc.
http://www.finotec.com/

Disclaimer: FINOTEC Trading's Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.


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