USDJPY – Monthly Forecast Dec 2013

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Recommendations: LONG positions around 101.00 with 103.75 & 105.00 as next target.
Alternative scenario:The downside breakout of  99.66 will call for a slide to 97.00/95.70.
Description:The pair maintained a strong bullish momentum last month , broke above 101.52 levels, this scenario opens 103.73/105.00 levels, sustained trading above 105.00 levels would open 108.00 /111.91 levels.On the downside, support is at 99.66, losing this level would delay the bullish for retesting  97.00/95.70 levels, sustained trading below 96.56 would open 93.00 levels.

Support and resistance levels (Monthly) : 81.47, 84.50, 89.14 , 93.42, 95.40 ,96.56,99.94, 104.85, 111.91

Trend direction :Upward

Oversold level : 99.66/101.00 – buy after rejection on daily/weekly basis.

Bearish breakout level : 99.66 – short below 99.66 on daily /weekly basis.

Overbought level : 103.73/105.15 – short after rejection on daily/weekly basis.

Bullish breakout level : 105.15 – buy above 105.15 on daily/weekly basis.

 

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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