[I]July 23, 2007 - July 27, 2007[/I]
[B]View on USD/JPY: Expectations make the Yen stronger.[/B]
[B]GFSignals team[/B] provides a week forecast for USD/JPY
[I][B]+1025 pips[/B] - this is the trading result our forex signals providers made for the last week.
More details at our web-site.[/I]
[I]Last week our second script was fulfilled (50%): [B]Correction fluctuations in the range of 121.00-122.60[/B]. The pair respected the ranges last week though shortly fell to a new correction low to 120.85 on Friday. It can potentially be USD/JPY bearish and the Yen consolidation in the nearest future.[/I]
[B]Script 1 (60%): A further decline to the 119.00- 120.00 region.[/B]
It is very likely the deeper decline/consolidation below 121.00 level, which was achieved at the last week. The first decline target is the 119.00-120.00 region where the downtrend channel lower line.
[B]Script 2 (30%): Correction fluctuations in the range of 121.00-122.60.[/B]
The correction may stay in the current range achieved, just trading sideways within the 121.00 - 122.60 area. The 121.00-shape level region achieved comes out as the main support for now, and resistance then is the downtrend channel upper line projection.
[B]Script 3 (10%): A rising up to the 123.00 level.[/B]
The broken trend line which was already classically tested by the up going rebound is a little bit higher than the 123.00-shape. It must not be ruled out the short term upside movement to the projection mentioned (in case the 121-shape wouldn’t be broken down). But after that a further decline and the first script fulfilling is very possible.
[B]Resistances[/B]
122.40/60 - two last weeks’ resistance region.
123.00 - March’s trend broken - key resistance projection.
123.60 - July’s high.
124.15 - June’s high - longstanding high.
[B]Supports[/B]
121.00 - the current fluctuations local horizontal support.
119.80 - the downtrend channel upper margin.
118.00 - the uptrend from May’s 2006 low.
116.20 - the uptrend expected line from 2005 low.
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