[I]October 22, 2007 - October 26, 2007[/I]
[B]View on USD/JPY: all the plans fall to the ground.[/B]
[B]GFSignals team[/B] provides a week forecast for USD/JPY
[I][B]+ 6567 pips[/B] - this is the trading result our forex signals providers made for the last week. More details at our web-site: GFSignals.[/I]
[I][B]Last week the pair slumped to 114.50 broking out the support line at 116.00. And now we expect a further fall down to the August low at 111.60 and probably lower to the 110.00-shape area. Though, broking out the local September’s minimum at 112.50 is necessary for that.[/B][/I]
[B]Script 1 (50%): A decline towards 112.00-113.00 area (the target is 111.60).[/B]
This script is possible after the breakout of the bottom triangle line at 114.50. And it is quite possible a deeper decline.
[B]Script 2 (30%): Correction fluctuations within the 114.00-116.00 triangle.[/B]
It is very possible to expect correction fluctuations within the 114.00-116.00 triangle this week. In this case triangle lines may act both as supports and resistances.
[B]Script 3 (20%): A rising up to 117.00-119.00 area.[/B]
This script is possible after the next rising upper the triangle lines. In this case we expect the movement towards the area at 118.00 level (October high). Then the further rise as well as a new rebound down are both possible.
115.50 - the upper triangle line.
116.00 - this week local support.
117.90 - October high.
119.90 - August high.
114.50 - the lower triangle line.
114.00 - September local support.
112.60 - September low.
111.60 - August (year) low.
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