USD/JPY Daily Technical Forex
USD/JPY Daily Technical Forex
Tue, May 20 2008, 12:16 GMT
by Timothy Straiton
Stoploss.ch
Current level at 14:15 CET is 104.11, trading close to the daily pivot point level of 104.22 and lacking direction. Daily Bollinger and standard error bands remain flat while the daily MACD remains below the zero line. The 14 day ADX is at 14 and falling, which reflects the utter lack of directional force in this currency pair. The first important test of the downside will be 102.37, which corresponds to the Fibonacci 23.6 percent retracement level of the the 95.75 - 124.15 range and also forms the top of the daily Ichimoku cloud. Pivot point related support levels for today are at 103.75 and then 103.16. Resistance levels are at 104.81 and then 105.28.
Published on
Tue, May 20 2008, 12:17 GMT
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