Analysis for January 11th, 2013
The USD/JPY currency pair is moving inside an “overbought zone”; the bulls are supported by the Super Trends’ lines. Most likely, the price will continue growing up in the nearest future. The target for the buyers is at the +2/8 level.
At the H1 chart the pair is moving above the 5/8 level and may continue growing up. During Friday the price may be corrected for a while, however, the main target for the next several days is at the 8/8 level.
The pair rebounded from the Super Trends’ lines and started a new descending movement. During a local correction I opened an additional sell order. The target for the bears is at the 0/8 level.
The sellers’ first attempt to enter an “oversold zone” failed. However, the bears are supported by the H1 Super Trend’s line, and if they rebound from the lines, the price will start moving downwards again. Later the pair may break the -2/8 level and the lines at the chart will be redrawn.
After making an ascending movement, New Zealand Dollar is being corrected; the bulls are supported by the H4 Super Trend’s line. If the price rebounds from the line, the pair will start a new ascending movement. The target is at the 8/8 level.
The pair is moving in the lower part of the H1 chart. If the price rebounds from the current levels, the pair will start growing up towards the 4/8 level.