July 30, 2007 - August 03, 2007
View on USD/JPY: May 2006 trend line.
GFSignals team provides a week forecast for USD/JPY
+762 pips - this is the trading result our forex signals providers made for the last week.
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Last week our first script was fulfilled (60%): A further decline to the 119.00- 120.00 region. The pair continued to fall and hit the 118.00 level broking out the support in the 119-120 area. But decline can not last endlessly. New levels and projections go into the game. At the level of 118.00 the correction hit one more longstanding projection line lasting from May 2006! And now it is very possible to expect unless an uptrend then at least a rebound. But firstly the pair should consolidate above the 119.30 level where downtrend channel lower margin projection is, which was broken last week.
Script 1 (20%): A further decline to the 116-shape region.
It is quite possible a further course decline and hitting the 116-shape area where 2-year trend lies. A breakout of the May uptrend line last week achieved will be a signal to this decline. But wee guess this version is unlikely for the next week.
Script 2 (50%): Correction fluctuations in the range of 118.00-119.80.
The pair fluctuations reached a strong support at May trend line, so now the correction to the 119.00 - 119.80 area, the broken last week support, is very possible to expect.
Script 3 (30%): A rising up to the 121.30 level.
It must not be ruled out a higher upside movement to the July's short term downtrend line at 121.30. But after that a further decline to the support achieved at 118.00 is very possible.
Resistances
120.00/80 - the broken out intermediate support - the nearest resistance area.
121.40 - July's correction downtrend.
123.40 - the broken out March's trend - key resistance projection.
124.15 - June's high - longstanding and 2007 high.
Supports
118.00 - the uptrend from May's 2006 low.
116.20 - the uptrend expected support line from January's 2005 low.
115.10 - March's 2007 low - the year support.
113.40 - the intermediate 2006 support.
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