USDJPY – Weekly Forecast 18-22 Nov 2013

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Recommendations: LONG positions above 98.92 with 100.86 & 101.52  as next target.
Alternative scenario:The downside breakout of 98.92 will call for a slide to 96.56/ 93.78 .
Description:The pair has printed a new support at the 98.92 levels, stability above this level will build pressure on the 101.52 ahead of 103.73 levels, losing 98.92 on a weekly basis would weaken the current bullish run for retesting 96.56/93.78 levels.In the long term view;The clear break above 99.27  last June confirmed support at the 93.78 levels, so as long as 93.78 holds , the pair targets 103.73 levels, sustained trading above 99.27 will build pressure on the 101.52/103.73 levels , break of 103.73 would open 105.72 ahead of 108.21 levels .On the downside,losing 96.56 would only delay the bullish move for retesting 93.78 levels before the next rise, but  losing the 93.78 levels would invalid the bullish view and reverse risks to the downside towards  92.56/89.15 levels ahead of 84.17 levels.

Support and resistance : 84.17 , 89.15 , 92.56 , 93.78 (main) , 96.56 ,98.92 , 99.27 (pivot) , 100.86 , 101.52 , 103.73

 

 

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