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按标签筛选:  Monthly Resistance Zone
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USD/JPY may well continue to linger around current levels

Monthly chart:
The pair appears to be making a bit of a pause in a rally towards strong resistance zone, which consists of:
1. Trendline that contained the long-term downtrend in years 1986, 1990, 1998.
2. 23.6% retracement of the November 1982 to October 2011 decline.
3. 2007 high at 124.14.
On the downside, the first major support is 200 month SMA and then 105 level.
Weekly chart:
After 600+ pip correction in December 2014, the pair has been contained in 115.50 - 121.85 range. It appears to be…
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al_dcdemo avatar
al_dcdemo 28 2月

The pair ended the week with nice 60 pip gain, but it was not easy as there were two turnarounds. First one came after Yellen testimony wasn't as hawkish as market expected, and the pair sold off more than 100 pips in response. The second one came after solid CPI and GDP reports. Immediate resistance (trendline off December 8 2014 and February 12 highs) is now seen near 120 and then the next one between 120.50 and 120.75. On the downside, 50 DMA should provide initial support.

WallStreet6 avatar

It seems to be on the upside, but on Monday it may still get closer to the target.

al_dcdemo avatar

Looking at Dukascopy online charts, it closed just below the target at 119.57. Would love a quiet, ranging start to the week. :)

foreignexchange avatar

Great analysis, great compatibility with the forecast, detailed Update 
congratulations  : )

al_dcdemo avatar

Thanks! This one turned out really well, as the pair behaved (almost) in the same way as expected :)

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