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USD/JPY Daily Technical Forex

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USD/JPY Daily Technical Forex

Thu, Feb 21 2008, 09:55 GMT
by Timothy Straiton

Stoploss.ch


Current level at 10:54 CET is 108.02, trading close to the daily pivot point at 107.97 and also above the hourly Ichimoku cloud top at 107.77. Daily Bollinger and standard error bands are still poised slightly to the upside while hourly values of the same indicators are falling. Pivot point related resistance levels for today are set at 108.46 and then 108.85 ahead of the 23.6 percent Fibonacci retracement at 109.50, measured over the 104.97 - 124.15 range. Support levels are seen at 107.57 and then 107.08. The longer term moving averages are still poised to the downside with the 55 day at 109.28 and the 200 day at 115.10. The falling 14 day ADX testifies to the current directionless status of this currency pair.

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