WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: USD/JPY

Posted by Chris Advincula on May 20, 2013 8:57:00 AM

From Market News International

May 20 Monday 12:50 GMT


DOLLAR-YEN TECHS: Testing Former Feb 11 Res Line At 102.16


RES 4: 105.50 61.8% Fibonacci of 124.14 to Y5.35
RES 3: 103.64/78/83 Dly Bolli top, Reversal low June 2012, Weekly Bolli top
RES 2: 103.31/41 High May 17, 3.00% MA envelope top
RES 1: 102.76 High May 15

LATEST PRICE: 102.41

SUP 1: 102.16 Feb 11 former resistance line - now support
SUP 2: 101.40/45 1.00% MA envelope top, Reversal high Apr 2009
SUP 3: 100.94 Daily Tenkan line
SUP 4: 100.54/78/79 May 10 low, 23.6% of Y92.57-103.31, May 9 high

COMMENTARY: Dollar-yen left another new high but still tests the former Feb 11
resistance line as support, now initial support at 102.16. Daily studies are
beginning to look more bearish as slow stochastic is weaker and may form a
sell-signal soon while 10-day momentum declines. A break below initial support
may target the daily Tenkan line at Y100.94 and further support at
100.54/78/79, the May 10 low, 23.6% and May 9 high.

 

yen.tech.5.20 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!