•  
  • New York 05:22
  • London 09:22
  • Barcelona 10:22
  • Tokyo 18:22
  • Sydney 20:22

  • SignUp | Login

The Daily Forecaster

Mon, Aug 24 2009, 02:08 GMT
by Ian Copsey

FX-Forecaster.com  |  View company's profile


Vote:

3

0

DAILY ANALYSIS FOR USDJPY
Resistance:94.4194.7094.9195.20
Support:94.1293.8093.4193.05

Please read the attached PDF file which provides more detailed analysis.

Bias:                  I expect the day to end lower but while 94.12 supports the initial risk is for a test of the 94.90-95.20 resistance

Daily Bullish

No break of 93.32 and a solid recovery back above 94.55. Be aware that having achieved this new high there is a strong risk of reversal lower at any time. However, while support at 94.12-18 remains intact I feel the immediate risk is higher back to 94.70 and after a correction to the 94.90-95.20 resistance area. This should cap. Thus, any stronger bullish stance would require a break above 95.20 which, if seen, would accelerate the rally through 95.46-56 and 96.32 and back to the 96.74 corrective high at least.

Medium Term Bullish
19th August:  Only a recovery above the 95.28-34 area is going to bring any relief to the bearish move and only if seen would I look for a reversal back towards the 97.78 high.

Daily Bearish

Basically I feel that we should be on the lookout for a bearish reversal pattern right from the start today as price has done enough to satisfy the correction now. However,I will go with the favored view that we'll see the 94.90-95.20 resistance but this will provoke the expected reversal lower. While this rally is possible the 94.12-18 support must hold. Thus from 94.90-95.20 or a direct breach of 94.12 look for losses to resume back through Friday's 93.41 low and onto 93.05, 92.42 and then to the 92.03 target. I expect a bounce there but do also note the 91.74 low.

Medium Term Bearish
19th August:  The 95.28-34 area now acts as the reversal but more likely we're going to continue to see losses, initially to around 93.75 and after a correction to 92.03 where a larger pullback is possible but still within a bearish structure.

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  Mon, Aug 24 2009, 02:12 GMT


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

Archive


Legal disclaimer and risk disclosure

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.
Vote:

3

0

Related reports

Higher Still..... by SwingTradeOnline.com
Fri, Mar 19 2010, 08:19 GMT

Euro to fight an uphill battle as poltical bickering on Greece rescue plan continues by KBC Bank
Fri, Mar 19 2010, 08:17 GMT

Today's Trading Signals by Financial Trend Analysis
Fri, Mar 19 2010, 08:07 GMT

Technical Major Currencies Morning Report by ecPulse.com
Fri, Mar 19 2010, 07:38 GMT

EUR/JPY: Sell at 123.15 but only if prepared to add to 124.00 by Mizuho Corporate Bank
Fri, Mar 19 2010, 07:28 GMT

usdjpy

[ View All ]

Related content


Interested in forex trading? forex brokerage firms!


ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
Deutsche Bank
Contact the broker/FDM
Open a demo account		M I G BANK
Contact the broker/FDM
Open a demo account		Interbank FX, LLC
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.