USD/JPY Weekly Technical Report 1-5/10/2012

ecPulse
2012-10-03 12:58PM UTC

 

The pair is currently battling 76.4% Fibonacci retracement of the entire upside rally from 76.00 to the significant high of 84.15 once again as seen on the provided daily chart. RSI 14 is moving below the value of 50.00, while MACD is neutral. Actually, the risk versus reward ratio isn’t convenient to suggest a potential trading setup. Thereby, we should stay  aside until an actionable setup presents itself to pinpoint the next move, noting that a break above 76.4% with a daily closing will bring the bullishness back into focus. On the downside, a break below 77.30-77.00 territories will be a very negative indication over short term basis.

The trading range for this week is among key support at 76.80 and key resistance now at 79.25.

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

Support    77.60    77.30    77.00    76.80    76.50
Resistance    78.00    78.20    78.50    78.80    79.00
Recommendation    Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

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