March 12, 2007 - March 16, 2007
View on USD/JPY: double bottom
GFSignals team provides a week forecast for USD/JPY
+2525 pips - this is the trades result for the last week of our Forex traders' signals.
More details at our web-site: Forex Signals Service .
Last week USD/JPY currency pair established a new minimum and then went on to a correction. The 115.20 level unexpectedly came out as a support. The pair has almost come to December, 2006 minimum at 114.40. Then unexpected ascending impulse led to a sharp rise to the 118-shape area. Double bottom was left below.
It is very hard to forecast exactly the currency fluctuations after its 700-pip decrease for the last 4 weeks. Last week our two scripts were partly fulfilled: "A downward trend to 114.00-115.00 area" (50%) and "Side exchange fluctuations within the 116.00-119.00 area" (10%). In the beginning of the week the pair easily decreased to the new minimum levels from December, 2006 at 115.20, but December minimum at 114.40 was never achieved. The further correction to the upside made prospect for greater rise. At 4-hour chart there is a double bottom shape. Now an uptrend to 118.50-119.00 is supposed. Thus it is possible to expect for the pair decrease after any correction maximum has been met.
Script 1 (50%): Side exchange fluctuations within the 117.00-119.00 area.
Current correction may remain in 117.00-119.00 range. The low margin is the double bottom neck line, and the upper margin is the mentioned shape workout target.
Script 2 (40%): A downward trend to 114.00-115.00 area.
A neck line break down at 117.00 level area is necessary for this script. A potential target price for this downtrend stands at the December, 2006 minimum. This script is also logically continues a downward course trend. This script may lead in the future to deeper decline to the May, 2006 minimum area at the 109.00 level.
Script 3 (10%): An upward trend to 120.00.
It must not be ruled out a higher increase, admittedly to the 120.00/120.90 level area. Thus, after such an upward trend a following downward trend is expected.
Resistances
118.50 - expected double bottom shape level.
119.00/119.90 - the broken February support area.
121.60/122.20 - February resistance.
122.20 - January, 2007 maximum - yearly resistance.
Supports
117.00 - neck line area.
115.20 - last week achieved support.
114.40 - December, 2006 minimum.
109.00 - May, 2006 minimum.
Our new Forex trader EasyTrader gives a free Forex Signals week.
More details at our web-site Free Forex Signals
View on USD/JPY: double bottom
GFSignals team provides a week forecast for USD/JPY
+2525 pips - this is the trades result for the last week of our Forex traders' signals.
More details at our web-site: Forex Signals Service .
Last week USD/JPY currency pair established a new minimum and then went on to a correction. The 115.20 level unexpectedly came out as a support. The pair has almost come to December, 2006 minimum at 114.40. Then unexpected ascending impulse led to a sharp rise to the 118-shape area. Double bottom was left below.
It is very hard to forecast exactly the currency fluctuations after its 700-pip decrease for the last 4 weeks. Last week our two scripts were partly fulfilled: "A downward trend to 114.00-115.00 area" (50%) and "Side exchange fluctuations within the 116.00-119.00 area" (10%). In the beginning of the week the pair easily decreased to the new minimum levels from December, 2006 at 115.20, but December minimum at 114.40 was never achieved. The further correction to the upside made prospect for greater rise. At 4-hour chart there is a double bottom shape. Now an uptrend to 118.50-119.00 is supposed. Thus it is possible to expect for the pair decrease after any correction maximum has been met.
Script 1 (50%): Side exchange fluctuations within the 117.00-119.00 area.
Current correction may remain in 117.00-119.00 range. The low margin is the double bottom neck line, and the upper margin is the mentioned shape workout target.
Script 2 (40%): A downward trend to 114.00-115.00 area.
A neck line break down at 117.00 level area is necessary for this script. A potential target price for this downtrend stands at the December, 2006 minimum. This script is also logically continues a downward course trend. This script may lead in the future to deeper decline to the May, 2006 minimum area at the 109.00 level.
Script 3 (10%): An upward trend to 120.00.
It must not be ruled out a higher increase, admittedly to the 120.00/120.90 level area. Thus, after such an upward trend a following downward trend is expected.
Resistances
118.50 - expected double bottom shape level.
119.00/119.90 - the broken February support area.
121.60/122.20 - February resistance.
122.20 - January, 2007 maximum - yearly resistance.
Supports
117.00 - neck line area.
115.20 - last week achieved support.
114.40 - December, 2006 minimum.
109.00 - May, 2006 minimum.
Our new Forex trader EasyTrader gives a free Forex Signals week.
More details at our web-site Free Forex Signals