USD/JPY Weekly Technical Report 8-12/10/2012

ecPulse
2012-10-08 07:52AM UTC

 

The USD/JPY pair continued to hover around the 100-Days simple moving average which prevented it from soaring during the past two trading days. But, we will depend on the weekly candlestick formation in addition to stability above SMA 20 to predicate potential breakout above the aforementioned hard technical obstacle on the way to test 61.8% Fibonacci and a break of which will bring strong buying interests towards the psychological level of 80.00. Of note, RSI 14 stabilized above the value of 50.00 despite drawing a small negative curve while MACD traditional continues to give off a buying signal.

The trading range for this week is among key support at 77.00 and key resistance now at 80.00.

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

Support    78.20    78.00    77.60    77.30    77.00
Resistance    78.80    79.00    79.25    79.55    79.80
Recommendation    Based on the charts and explanations above our opinion is, buying the pair above 78.20 targeting 80.00 and stop loss below 77.30 might be appropriate this week.

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