USD/JPY Weekly Technical Report 26-30/11/2012

2012-11-26 06:30:32 GMT (ecPulse)

 

 

The pair is presently showing signs of weakness after the re-test of our previous suggested entry point around 82.50 where 76.4% Fibonacci of the wave from 84.15 to 77.10 exists as seen on the provided daily graph. The history of the daily studies shows that the pair frequently acts in response to the signs of RSI 14 while this indicator presents a confirmed overbought signal. In result, potential downside movements could be witnessed this week; noting that eyes should be on 81.50 as a break of which will bring panic sell-off actions. 

The trading range for this week is among key support at 80.75 and key resistance now at 83.65.

The general trend over short term basis is to the     upside     targeting     87.45     as far as areas of    75.20     remain intact.

Support 82.00 81.80 81.50 81.25 81.00

Resistance 82.50 82.80 83.00 83.20 83.65

Recommendation Based on the charts and explanations above our opinion is, selling the pair around 82.50 targeting 81.50 and stop loss above 83.20 might be appropriate this week.

 
 
 
  Symbol Last Change Chg.%
1.2055
0.0002
0.0207%
1.3890
-0.0004
0.0288%
Tadawul
10228.35
-26.53
0.26%
27.318
0.799
3.013%
64.750
0.840
1.314%
68.22
-0.73
1.06%
1813.975
24.390
1.363%
 
 
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