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USDJPY
Last Week High - 111.05. Low - 107.54. Close - 108.32.
This Week Pivot Point
3rd Resistance = 113.91. 2nd Resistance = 112.48. 1st Resistance = 110.40.
Pivot = 108.97.
3rd Support = 103.38. 2nd Support = 105.46. 1st Support = 106.89.
Last High - 108.61. Low - 107.54. Close - 108.32.
Today Pivot Point
3rd Resistance = 109.84. 2nd Resistance = 109.22. 1st Resistance = 108.77.
Pivot = 108.15.
3rd Support = 106.63. 2nd Support = 107.08. 1st Support = 107.70.
Daily Chart
4 hours Chart
Last Friday a long spike at the bottom; it is a Hammer Pattern. A Bullish Reversal Trend. Currently had been reached today Resistance 1 at 108.77. Today we may see the Yen may continue look target Resistance 2 at 109.22.
Strategy
Buy 108.50/60 Profit Target at 109.22, or further to 109.50 or Resistance 3 at 109.84. Stop well below 108.00.
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Legal Disclaimer and risk disclosure.
The forex forecast and advices generated are based on my trading analysis and are given for the traders to use as additional inputs in their decision-making and trading and I should not be held responsible for any loss incurred by the subscriber. The traders are advised to understand all the risk involved in forex trading and take decisions accordingly.Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
