USD/JPY Daily Technical Forex
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USD/JPY Daily Technical Forex
Tue, Jan 29 2008, 08:59 GMT
by Timothy Straiton
Current level at 09:58 CET is 106.64, trading below the daily pivot point level of 106.74, plagued by random moves and unable to break down through the important 61.8 percent Fibonacci retracement level of the 79.78- 147.62 range at 105.70. The bear move which has been in place since late December seems to be running out of steam and makes the chance of a rally increasingly likely. Daily standard error bands are now flat while Bollinger bandwidth is contracting. Should a rally unfold as we suspect, then the first resistance level to focus on will be the Fibonacci 23.6 percent retracement at 109.50, measured over the 124.15 - 104.97 range. Pivot related resistance levels today are at 107.48 and then 107.88. Support level s are at 106.34 and then 105.60.
Published on Tue, Jan 29 2008, 09:00 GMT
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Published On Thu, Jun 19 2008, 09:58 GMT - USD/JPY Daily Technical Forex
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