Intra-day USD/JPY outlook, August 14, 2007
From
GFSignals team
+ 2526 pips - this is the trades result for the last week of our forex traders' signals.
More details at our web-site: Forex Signals Service.
Current price: 118.10
USD/JPY is still trading in the 117.20 - 119.80 range.
The downward trend target for the next week remains at 116.60 where two-year trend line from 2005 year lies (30%). The first support comes around 117.60 and then at 117.20 (double bottom). A break out below 117.20 will cause a further decline towards 116.60 over the next trading days.
On the upside the target is at 121.00-122.00 area (60%). But there is strong resistance in the 118.70-80 region. A break beyond 118.80 is needed. But after that rise there is a prospect of a rebound back to 118.00.
Resistances
119.80 - the correction downward trend and the nearest resistance.
122.00 - March's trend breakout area level.
123.40 - the broken out March's trend - key resistance projection.
124.15 - June's high - longstanding and 2007 high.
Supports
118.50 - the uptrend from May's 2006 low.
117.20 - August low.
116.20 - the uptrend expected support line from January's 2005 low.
115.10 - March's 2007 low - the year support.
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