WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 26, 2013 3:23:00 AM

April 26 Friday 7:25 GMT

DOLLAR-YEN TECHS: Notes Potential Double-Top


RES 4: 101.45/81 Reversal high Apr 2009, 3.00% MA envelope top
RES 3: 100.82 2.00% upper MA envelope
RES 2: 100.19/40 Monthly Ichimoku cloud top, Feb 11 res line
RES 1: 99.83/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high


LATEST PRICE: 98.65


SUP 1: 98.49 Low Apr 23
SUP 2: 98.19/21 38.2% 135.15-75.35, 23.6% of 92.57-99.95
SUP 3: 97.63/64/85 Apr 18 low, 21-DMA, Tenkan line
SUP 4: 97.13 38.2% of 92.57-99.95


COMMENTARY: Dollar-yen still hanging around just below the Apr 11 high at
99.95, bulls still eye above this level but have yet to break above into
territory above 100.00. We continue to note the potential double-top pattern,
the base is at 95.80, the Apr 16 low, break below here confirms the reversal
and target a measured move to 91.65. Daily studies are mixed, 10-day momentum has
declined for a while and slow stochastic is overbought but may reverse lower.

Market News International & WorldWideMarkets

 

jpy.tech.4.26 resized 600

Chart: WorldWideMarkets Flash Trader


 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!