USDJPY – Weekly Forecast 25-29 Nov 2013

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Recommendations: LONG positions above 101.51  with 102.52 &  103.73 as next target.
Alternative scenario:The downside breakout of 101.51 will call for a slide to 100.43/99.09.
Description: At the moment the USDJPY is trading above 101.51 levels, stability above this level will build pressure on the 102.52 levels ahead of 103.73 levels, but we need to be careful of resistance 103.73 to bring reversal , sustained trading above 103.73 will have large bullish implication towards 106.95 ahead of 109.07 levels .On the downside , stability below 101.51 is likely to delay the bullish move for retesting  100.42/99.09 levels,  at this point , strong support is expected above 99.09 to signal reversal to the upside and the pair might retest 101.51 once again, losing 99.09 on a daily basis would open 97.60 ahead of 96.93 levels.

Support and resistance (weekly) : 84.17 , 89.15 , 92.56 , 93.78 (main) , 96.56 ,98.92 , 99.27 (pivot) , 100.86 , 101.52 , 103.73, 106.95,109.07

Support and resistance (daily) : 93.78 , 95.80 , 96.56 , 96.93 , 97.60 , 99.09 , 100.43 , 101.51 , 102.52 , 103.73…..

 

 

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