[B]Forex News from New Forex: Technical analysis of USD/JPY[/B]
Bulls still dominate Wednesday’s trading activity. Today the market is making another attempt to test resistance at 123.57. Support level holds at 122.70. With the successful bearish scenario, the market moves higher than 124.30 level. If the market can overcome this price value, it will be higher than 125.80 level. Trades to sell will be yet too risky. Short positions will be successful when the bearish candle formed below the strong support at 1.1213.
[B]Forex News from New Forex: Technical analysis of the currency pair USD/JPY[/B]
In the trading in Asia the currency pair continues its bullish rally for the second week in a row. In the short run the trend will keep its bullish tone, according to the Stochastic oscillator the pair is oversold. However, it is not reflected in the current market tendency. The immediate levels of support and resistance are at 124.16 and 124.58. A strong support is still 120.41 (a low of July 8) with the resistance at 125.85 (a high of June 5).
