Thread: WEEKLY TECHNICAL OUTLOOK ON USD/JPY by AceTrader

Updating time : 18/11/2007 23:49 GMT

USD/JPY - 110.82..Despite initial fall to 109.12 last Monday, the greenback recovered fm there on cross-trading but price retreated again after meeting renewed selling at 111.76, however, fresh carry trade activities lifted the dlr last Friday fm 109.77 to 111.34.

This rebound suggests further 'choppy' consolidation abv last week's low at 109.12 wud continue initially n although another corrective rise twd 111.76 cannot be ruled out, break there is needed to bring stronger retracement of the intermediate downtrend fm 115.93 to 112.00 but reckon 112.53 (50% r of 115.93-109.12) wud limit upside. Looking at the daily chart, once this correction is over, the major decline fm 124.14 (2007 high) shud resume again later this month n below 109.77 wud yield a re-test of 109.12, break there wud confirm n extend twd 108.25 (70.7% r of 101.67-124.14), however, 106.40/50 shud contain weakness. Only abv 112.53 wud risk a stronger recovery to 115.93/00 but reckon price shud falter well below res at 117.95.

Today, expect sideways trading inside 109.77-111.76 range to continue...

http://www.AceTraderFX.com

Nice analyst Ace...keeps the good work

....Acer I notice this forum is not very active....we should hv a teamwork/mastermind for trading jpy...let put ur opinon and i put mine....recently..i put a buy limit at 107.75...using pitchork....line in my analysis Thanks man

Nice analyst....
happy trading and always success



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