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The Daily Forecaster

Wed, Apr 15 2009, 03:52 GMT
by Ian Copsey

FX-Forecaster.com  |  View company's profile


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DAILY ANALYSIS FOR USDJPY
Resistance:99.2099.4099.85-95100.35
Support:98.6898.3498.1397.78

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Bias:        While 99.20-40 caps look for losses to 98.34 and later to 97.78 at least - possibly 97.28-48

Daily Bullish

Overall we have seen losses to 98.71 and the downside does still seem to be the way to go. There is resistance at 99.20 which I feel will cap. However, to be safe, I feel a break above 99.40 would offer stronger upside potential. If seen then look for price to extend higher to the 99.85-95 pivot area. Take care this could cause a reaction. Above 99.95 maintains the upward momentum for 100.35 and 100.71-78 once again but I feel this will cap. Next resistance is at the 101.43 high followed by 102.14-46.

Medium Term Bullish
15th April:  I suspect the cycle high has passed and we have seen the anticipated high. Even if we see a push back above 101.43 I remain with the 102.46 and 103.14-33 resistance areas.


Daily Bearish

The correction from 99.31 quickly ended and we have returned to the bearish side. I look for 99.20 to cap to extend losses to the 98.34 area. Take care there as I suspect it will hold and force a correction. While this correction remains below the same 99.20-40 area we should see losses back to 98.34 and below to the 97.78 support at least and at most 97.28-48. Only if the first decline pushes directly below 98.34 is there any stronger risk of testing the 97.28-48 area directly. Below there I see support at 96.97 and 95.95.

Medium Term Bearish
15th April:  The more I see the more I feel the major cycle high is now in place. This should remain above the 96-97.28 area at first but on the subsequent decline look for much stronger losses - I suspect to around 91.00 but will update later.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

Published on  Wed, Apr 15 2009, 03:56 GMT


FX-Forecaster | 2-42-23 #203 Uehara, Shibuya-ku, Tokyo, 151-0064, Japan
http://www.fx-forecaster.com | info@fx-forecaster.com

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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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