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