USD/JPY Daily Technical Forex
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USD/JPY Daily Technical Forex
Wed, Feb 13 2008, 09:09 GMT
by Timothy Straiton
Current level at 10:07 CET is 107.25, trading close to todays pivot point level of 107.21. Daily Bollinger bandwidth has fallen to extremely low levels and is to us a warning that the potential for an explosive move is now latent. Based on the location of longer term indicators, we must assume that a move to the downside is more likely. The market has remained below the 200 and 55 day moving averages since the beginning of the year and moves to the upside have been meek so far. The first hint of downside acceleration would be a break of the recent low of 104.97. Technical support levels thereafter would be the December 1999 low of 101.33, followed by the Fibonacci 76.4 percent retracement level at 95.80, measured over the entire 79.78 - 147.62 range. Pivot point related resistance levels today are at 107.61 and then 107.94.
Published on Wed, Feb 13 2008, 09:10 GMT
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