January 15, 2007 - January 19, 2007
View on USD/JPY: all the expectancies for 121.30
GFSignals team ( http://www.gfsignals.com ) provides a week forecast for USD/JPY
Last week USD/JPY pair rate rose sharply, went beyond the October maximum and almost run up to 121.30 as the longstanding maximum of November 2005. The situation is not in favour of yen which continues to fall. Technically the pair is ready to cross over 121.30 level which remains to be the nearest resistance key level.
The breakout of the resistance level of 2006 year (119.90) is technically not for advantage of yen. Now it can easily arrive not only the longstanding maximum region (121.30) but also higher levels, for example in the 122-125 area, within the next few days or weeks. Though the pair is trading still below 121.30 what can so far lead to recommencing it and to downward trend.
Script 1 (55%): Upward trend above 121.30
Everything says about a high probability of this script development and pair increase above 121.30. The nearest target is 122-123 area from which a rollback can start with an achievement of the broken resistance. Then increase can continue with a 125.00 level target.
Script 2 (35%): Side exchange fluctuations within the 119.20 - 121.00 area.
It is possible to expect pressure increasing to the course from the bears nearby the 121.30 level.
The pair can surely decrease to the 119.00 level region where the support view line from December is situated. From it an upward rebound is expected.
Script 3 (10%): Downward trend under 119.00 to 118.00.
It should not be ruled out a probability of pair decline to 119.20 as well as a breakout of this support down.
The major resistance and support levels :
Resistances
120.80 - last week resistance region as 2006 yearly tops
121.30 - 2005 year resistance - the longstanding maximum
125.80 - the local 2002 year resistance
135.00 - the longstanding maximum level in the beginning of 2002 year
Supports
119.90 - The broken up resistance of 2006 year
119.00 - The broken resistance line view on the tops of 2005-2006 years
117.00 - The longstanding downward trend line from 1998 year
113.40-114.40 - January, July and December local minimums of 2006 year
View on USD/JPY: all the expectancies for 121.30
GFSignals team ( http://www.gfsignals.com ) provides a week forecast for USD/JPY
Last week USD/JPY pair rate rose sharply, went beyond the October maximum and almost run up to 121.30 as the longstanding maximum of November 2005. The situation is not in favour of yen which continues to fall. Technically the pair is ready to cross over 121.30 level which remains to be the nearest resistance key level.
The breakout of the resistance level of 2006 year (119.90) is technically not for advantage of yen. Now it can easily arrive not only the longstanding maximum region (121.30) but also higher levels, for example in the 122-125 area, within the next few days or weeks. Though the pair is trading still below 121.30 what can so far lead to recommencing it and to downward trend.
Script 1 (55%): Upward trend above 121.30
Everything says about a high probability of this script development and pair increase above 121.30. The nearest target is 122-123 area from which a rollback can start with an achievement of the broken resistance. Then increase can continue with a 125.00 level target.
Script 2 (35%): Side exchange fluctuations within the 119.20 - 121.00 area.
It is possible to expect pressure increasing to the course from the bears nearby the 121.30 level.
The pair can surely decrease to the 119.00 level region where the support view line from December is situated. From it an upward rebound is expected.
Script 3 (10%): Downward trend under 119.00 to 118.00.
It should not be ruled out a probability of pair decline to 119.20 as well as a breakout of this support down.
The major resistance and support levels :
Resistances
120.80 - last week resistance region as 2006 yearly tops
121.30 - 2005 year resistance - the longstanding maximum
125.80 - the local 2002 year resistance
135.00 - the longstanding maximum level in the beginning of 2002 year
Supports
119.90 - The broken up resistance of 2006 year
119.00 - The broken resistance line view on the tops of 2005-2006 years
117.00 - The longstanding downward trend line from 1998 year
113.40-114.40 - January, July and December local minimums of 2006 year