[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.
[B]Resistances[/B]
115.50 - the upper triangle line.
116.00 - this week local support.
117.90 - October high.
119.90 - August high.
[B]Supports[/B]
114.50 - the lower triangle line.
114.00 - September local support.
112.60 - September low.
111.60 - August (year) low.
Read more Forex news and forecasts at our Forex blog.
[I]October 29, 2007 - November 02, 2007[/I]
[B]View on USD/JPY: consolidation.[/B]
[B]GFSignals team[/B] provides a week forecast for USD/JPY
[I][B]+ 419 pips[/B] - this is the trading result our forex signals providers made for the last week. More details at our web-site.[/I]
[I][B]The pair shows some consolidation at the 114-shape area. After touching 113.20 level on Monday USD/JPY currency pair recovered a little until the broken out September triangle – a little bit lower than the 115-shape. And now the pair is ready again for the next decline which may lead towards the August low at 111.60.[/B]
Last week our second script was fulfilled (30%): [B]Correction fluctuations in the range of 114.00-116.00[/B], though there was a short term break-out down from the range on Monday. But then the course recovered rapidly and was almost back to the 115-shape again. Thus the pair has classically tested the bottom triangle lines from below and now is ready for the next decline. So in the very close future we expect a downward trend towards the August low at 111.60 and probably lower to the 110-shape area. But first a breakout of the local September-October lows at 112.50-113.20 is necessary for that. [/I]
[B]Script 1 (40%): A decline towards 111.50-112.50 area (the target is 110.00).[/B]
This script is possible after a breakout of the local September-October lows at 112.50-113.20. And it is quite possible a deeper decline.
[B]Script 2 (30%): Correction fluctuations within the 113.20-115.00 range.[/B]
It is also very possible to expect correction fluctuations within the 113.20-115.00 range this week. This script development is possible just like the next course rising.
[B]Script 3 (30%): A rising up to 117.00-119.00 area.[/B]
If the pair does not go down we will expect it up. After the next rising upper the triangle lines we expect a movement towards the 118.00 area (October high). Then further rise as well as a new rebound down are both possible.
[B]Resistances[/B]
115.00 - the triangle lines.
117.90 - October high.
119.90 - August high.
124.10 - June year 2007 high.
[B]Supports[/B]
113.20 - October local support.
112.60 - September low.
111.60 - August year 2007 low.
109.00 - May year 2006 low.
See the charts and read more Forex news and forecasts at our Forex blog.
I watched USD/JPY reach a record (or near) high today. Now how much higher will it go? I did the only logical thing and put in a sell with no stop loss. It has to fall and I dont think I’ll have to wait until next year, lol.
TRADING IS NOT ROCKET SCIENCE !!!
You thinking the same thing as in July. Green candle hits record high, next week, down and down and more down for 3 weeks?
I’ve already taken a chunk of profits since I made that post.
Like I said logical thinking and common sense.
Price went down from 139 plus to 138.4 something.
It’s easy to outthink yourself in this game.
This particular instrument is currently sitting at 131.771. Interesting. What do you think is more likely to happen next, that it will fall even lower still or return to previous 135 plus levels? As a novice in this trading business I suspect it will be the latter so I will be putting a 0.02 lot buy on this and watch how it all unfolds, lol.