Weekly Forex Signals

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USD looking fragile against ineffective Yen
Mon, Nov 2 2009, 09:26 GMT
by Anthony Boyajian
Finotec Group Inc.
| Buy a break of resistance level at 92.50 | Sell a break of support level at 89.80 |
| Buy a break of resistance level at 93.30 | Sell a break of support level at 88.80 |
| Buy a bounce at 89.80 | Sell a failure of breaking the resistance 92.50 |
Fundamental
The Japanese Yen pushed higher in overnight trading as the Bank of Japan skirted a confrontation with the Ministry of Finance and moved to end their purchases of corporate bonds while the jobless rate fell for the second consecutive month on government hiring The Bank of Japan kept interest rates unchanged at 0.10% as expected and struck a narrow balance between competing interests at the central bank and the Ministry of Finance (MOF), saying it will allow its program of purchasing corporate debt expire as scheduled in December but kept its government bond purchases at 1.8 trillion as before.
Technical
U.S. Dollar still in a downtrend against Japanese Yen, as we can see strong supply in the market, based on technical indicators like RSI, which is in a clear downtrend, MACD crosses the signal line with a break of equilibrium level and Bollinger band gives us a bearish signal by closing the candle below the middle band.
USD/JPY (Daily Chart)
The primary tendency is in a clear downtrend within standard error channel.

USD/JPY (4 Hour Chart)
The pair forms a failure swing formation.

USD/JPY (Hourly Chart)
The Minor is in a downtrend.

Resistance
92.50
93.30
Support
89.80
88.80
Published on
Mon, Nov 2 2009, 09:26 GMT
Archive
- USD looking fragile against ineffective Yen
Published On Mon, Nov 2 2009, 09:26 GMT
- Uptrend on long term looks certain for Euro
Published On Mon, Oct 26 2009, 10:45 GMT
- Euro takes full advantage of worn-out dollar
Published On Mon, Oct 19 2009, 10:52 GMT
- Downtrend on short term looks certain for Euro
Published On Mon, Oct 12 2009, 09:15 GMT
- Upward Trend on the short term for the GBP/USD
Published On Tue, Oct 6 2009, 07:01 GMT
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