Daily Technical Analysis by FXCC - Page 18

[B]Forex Technical & Market Analysis FXCC May 15 2013

 EU gives the go-ahead to Spanish bank restructuring plan

The European Commission announced on Wednesday its approval of the plans to restructure Spain's four nationalized banks: Bankia, Nova Caixa Galicia, Catalunya Caixa and Banco de Valencia. Vice President of the European Commission responsible for Competition Policy Joaquín Almunia said in the European morning that the injection of 37 billion euros of the bank rescue would require a 60% reduction in the size of the nationalized financial institutions by 2017.

Joaquín Almunia informed that during the negotiations with Spanish authorities and the banks in question it was established that the recapitalization funds would be distributed as follows: 18 billion euros for Bankia, 9 billion for Catalunya Caixa, 5.5 billion for Nova Caixa Galicia and 4.5 billion for Banco de Valencia. The four nationalized financial institutions should abandon conceding loans for high risk activities and should transfer 45 billion euros of toxic assets to the newly created bad bank. Catalunya Caixa and Nova Caixa Galicia are expected to be sold before 2017.
http://blog.fxcc.com/forex-technical-market-analysis-may-15-2013/

FOREX ECONOMIC CALENDAR :
2012-11-29 08:55 GMT  | Germany. Unemployment Change (Nov)
2012-11-29 10:30 GMT  | United Kingdom. BoE's Governor King Speech
2012-11-29 13:30 GMT  | United States. Gross Domestic Product Annualized (Q3)
2012-11-29 15:00 GMT  | United States. Pending Home Sales (MoM) (Oct)

FOREX NEWS :
2012-11-29 06:12 GMT  | EUR/GBP flat below 0.8100, 50% Fibo
2012-11-29 05:36 GMT  | GBP/USD trying to push higher, eyeing 1.6020
2012-11-29 05:25 GMT  | NZD/USD higher on US 'fiscal cliff' optimism
2012-11-29 04:09 GMT  | EUD/USD bullish while above 1.2885 – Scotiabank

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Forex Technical Analysis EURUSD :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/16.png[/IMG]

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Next on tap, resistance level at 1.2962 (R1). A break higher could open the door for an attack to next target at 1.2980 (R2) and final immediate resistance is seen at 1.2996 (R3). Downwards scenario: Further retracement formation on the medium-term might occur below the support level at 1.2939 (S1), break here is required to put focus on actual targets at 1.2921 (S2) and 1.2903 (S3).

Resistance Levels: 1.2962, 1.2980, 1.2996

Support Levels: 1.2939, 1.2921, 1.2903

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Forex Technical Analysis GBPUSD :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/25.png[/IMG]

Upwards scenario: Upside risk aversion is seen above the resistance at 1.6021 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 1.6031 (R2) and 1.6042 (R3).Downwards scenario: Though, our medium-term outlook is bearish. A break through support level at 1.6005 (S1) is possible en route towards to our intraday targets at 1.5994 (S2) and 1.5983 (S3).

Resistance Levels: 1.6021, 1.6031, 1.6042

Support Levels: 1.6005, 1.5994, 1.5983

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Forex Technical Analysis USDJPY :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/34.png[/IMG]

Upwards scenario: The pair might face key resistive bastion at 82.22 (R1). A break above it might activate upside pressure and suggest the short-term targets at 82.30 (R2) and 82.39 (R3). Downwards scenario: On a slightly longer term focus has returned to the support at 82.00 (S1). If the market manages to overcome it, next hurdle lies at 81.91 (S2) and 81.82 (S3).

Resistance Levels: 82.22, 82.30, 82.39

Support Levels: 82.00, 81.91, 81.82


Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] http://www.fxcc.com [/url] )[/B]
 

[B]Forex Technical & Market Analysis FXCC May 16 2013

 BoE sees a modest and sustained recovery over the next three years

The quarterly Inflation Report released by the Bank of England on Wednesday suggests that UK inflation should rise above 3% in June and that it will possibly remain above the 2% target for the next two years. As for the GDP, it is “likely to pick up gradually over the next year or so, supported by past asset purchases, an easing in credit conditions aided by the Funding for Lending Scheme, and a continuing improvement in the global environment.”

The BoE MPC expects GDP growth of 0.3% in the first quarter of 2013. In the current quarter they see quarterly GDP expanding by 0.5%, while year-on-year GDP is projected to grow by 2.2% (compared with the previous forecast of 2%). Nevertheless, the MPC recognizes that the recovery is still “weak and uneven.” The report states that in the light of the growth and inflation forecasts more stimulus might be required. No rate hike should be carried out before 2016 however. Following the release of the report, BoE Governor Mervyn King presented it at a press conference. He pointed out that there are many obstacles on UK's road to recovery, the most important being the Eurozone crisis and rising unemployment. He stressed that UK policymakers should continue their efforts to boost the recovery as “this is no time to be complacent.” [url]http://blog.fxcc.com/forex-technical-market-analysis-may-16-2013/[/url]


FOREX ECONOMIC CALENDAR :
2013-05-15 09:00 GMT  | EMU. Consumer Price Index
2013-05-15 12:30 GMT  | USA. Consumer Price Index
2013-05-15 14:00 GMT  | USA. Philadelphia Fed Manufacturing Survey
2013-05-15 19:05 GMT  | USA. FOMC Member Williams speech


FOREX NEWS :
2013-05-15 19:24 GMT  | EUR/USD seen at 1.2600 in 3 months – UBS
2013-05-15 18:55 GMT  | GBP/JPY is unable to break above 156.00
2013-05-15 18:41 GMT  | USD/CHF retests daily lows
2013-05-15 18:19 GMT  | AUD/USD's recovery capped at 0.9920, back to 0.9870

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Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/18.png[/IMG]

Upwards scenario: Next on tap, resistance level at 1.2962 (R1). A break higher could open the door for an attack to next target at 1.2980 (R2) and final immediate resistance is seen at 1.2996 (R3). Downwards scenario: Further retracement formation on the medium-term might occur below the support level at 1.2939 (S1), break here is required to put focus on actual targets at 1.2921 (S2) and 1.2903 (S3).

Resistance Levels: 1.2962, 1.2980, 1.2996
Support Levels: 1.2939, 1.2921, 1.2903

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Forex Technical Analysis GBPUSD :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/26.png[/IMG]

Upwards scenario: Upside risk aversion is seen above the resistance at 1.6021 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 1.6031 (R2) and 1.6042 (R3).Downwards scenario: Though, our medium-term outlook is bearish. A break through support level at 1.6005 (S1) is possible en route towards to our intraday targets at 1.5994 (S2) and 1.5983 (S3).

Resistance Levels: 1.6021, 1.6031, 1.6042
Support Levels: 1.6005, 1.5994, 1.5983

--------------------------
Forex Technical Analysis USDJPY :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/35.png[/IMG]

Upwards scenario: The pair might face key resistive bastion at 82.22 (R1). A break above it might activate upside pressure and suggest the short-term targets at 82.30 (R2) and 82.39 (R3). Downwards scenario: On a slightly longer term focus has returned to the support at 82.00 (S1). If the market manages to overcome it, next hurdle lies at 81.91 (S2) and 81.82 (S3).

Resistance Levels: 82.22, 82.30, 82.39
Support Levels: 82.00, 81.91, 81.82

Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] ECN Broker Account | Currency Converter | Forex Blog | FXCC [/url] )[/B]
 

[B]Forex Technical & Market Analysis FXCC May 17 2013

Talking Down the EUR

The euro came under selling pressure today against the U.S. dollar after European Industry Commissioner Tajani tried to talk down the currency. As the head of an agency whose goal is to protect the export sector, Tajani complained that the euro is too strong and called on the central bank to manage the currency in a way that would help exports. Considering that the euro has been in a downtrend since the beginning of the month and has lost over 5% since the beginning of February, some investors may be surprised by the timing of Tajani's comments. However it is clear that underperformance of the Eurozone economy, which is currently in recession is a big motivation for industry officials, politicians and central bankers to make overtures to weaken the euro now versus February. In addition, with the currency in a downtrend, comments such as these will have a greater impact on the euro. As the ECB considers whether to introduce negative deposit rates or purchases of asset backed securities, a weaker currency will provide additional support to the region's economy.
https://support.fxcc.com/email/technical/17052013/

    
FOREX ECONOMIC CALENDAR :
2013-05-17 09:00 GMT  | EMU. Construction Output w.d.a (YoY) (Mar)
2013-05-17 12:30 GMT  | Canada. Consumer Price Index (YoY) (Apr)
2013-05-17 13:55 GMT  | USA. Reuters/Michigan Consumer Sentiment Index (May)
2013-05-17 15:00 GMT  | USA. CB Leading Indicator (MoM) (Apr)
    
FOREX NEWS :
2013-05-17 04:58 GMT  | Nomura's survey on USDJPY suggest higher quotes
2013-05-17 04:26 GMT  | Technical picture continues to become more bearish for EUR/USD
2013-05-17 03:57 GMT  | AUD/USD, how far can it go? 0.9750/10 next demand
2013-05-17 02:40 GMT  | USD/CHF inching toward hourly resistance trend line at 0.9675

    
EURUSD      :
HIGH 1.28897     LOW 1.2855     BID 1.28676     ASK 1.28680     CHANGE -0.1%     TIME 08 : 26:30

[IMG]https://support.fxcc.com/email/technical/17052013/EURUSD.png[/IMG]

OUTLOOK SUMMARY  : Down
TREND CONDITION  : Sideway
TRADERS SENTIMENT  : Bullish
IMPLIED VOLATILITY  : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: 20 SMA acts as next resistance level at 1.2886 (R1). Penetration above that mark might trigger upside pressure and expose our next resistive mean at 1.2911 (R2) en route towards to final target for today at 1.2937 (R3). Downwards scenario: On the other hand, successful retest of our next support level at 1.2843 (S1) Market would create a signal of bearish sentiment and enable our interim target at 1.2819 (S2). Final support for today locates at 1.2794 (S3).

Resistance Levels: 1.2886, 1.2911, 1.2937
Support Levels: 1.2843, 1.2819, 1.2794

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GBPUSD      :
HIGH 1.52822     LOW 1.52366     BID 1.52521     ASK 1.52533     CHANGE -0.1%     TIME 08 : 26:30

[IMG]https://support.fxcc.com/email/technical/17052013/GBPUSD.png[/IMG]

OUTLOOK SUMMARY  : Down
TREND CONDITION  : Downward penetration
TRADERS SENTIMENT  : Bullish
IMPLIED VOLATILITY  : Medium

Upwards scenario: A bearish tone dominates during the Asian session however further buying interest might arise above the resistance at 1.5281 (R1). Clearance here would suggest next intraday target at 1.5315 (R2) and if the price holds its momentum we can expect an increase towards to 1.5351 (R3). Downwards scenario: If the price failed to establish further positive bias today, likely we will see retest of our key support level at 1.5228 (S1). Break here is required to enable initial lower targets at 1.5194 (S2) and 1.5163 (S3) in potential.

Resistance Levels: 1.5281, 1.5315, 1.5351
Support Levels: 1.5228, 1.5194, 1.5163

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USDJPY      :
HIGH 102.371     LOW 102.08     BID 102.291     ASK 102.295     CHANGE 0.04%     TIME 08 : 26:31

[IMG]https://support.fxcc.com/email/technical/17052013/USDJPY.png[/IMG]

OUTLOOK SUMMARY  : Neutral
TREND CONDITION  : Sideway
TRADERS SENTIMENT  : Bullish
IMPLIED VOLATILITY  : Medium

Upwards scenario: Neutral channel formation remains in play on the hourly chart. Our next resistance level is placed at 102.47 (R1). Strengthening above it would point to resistive structure at 102.81 (R2) onto 103.14 (R3). Downwards scenario: Possible downtrend evolvement might occur below the immediate support level at 102.05 (S1). Clearance here is required to enable our next targets at 101.70 (S2) and 101.36 (S3) in potential.

Resistance Levels: 102.47, 102.81, 103.14
Support Levels: 102.05, 101.70, 101.36

Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] ECN Broker List | Forex Trading Account | Currency Converter | FXCC [/url] )[/B]
 

[B]Forex Technical & Market Analysis FXCC May 20 2013

 Bearish developments on EUR/USD charts continue to take shape

It was a rough week for the EUR/USD, as continued speculation of the Fed tapering QE purchases and worries of economic growth in Europe continued to put pressure on the pair throughout the week. When all was said and done, the pair finished the week down 0.90% to close at 1.2838. Market participants will be focusing on a number reports this week including testimony from Fed Chairman Bernanke, as well as speeches by some regional Fed officials. According to Greg Gibbs, FX Trading Strategist at RBS,“the market will be looking closely at the Fed commentary this week. Bernanke's testimony to Congress on Wednesday is the main focal point, but there are important speeches by doves Evans and Dudley before then. As key supporters of maintaining the current $85bn pace of asset purchases, any shift in their tone will be seen as evidence that the consensus and Bernanke's views have shifted.”

He went on to add, “the commentary by Fed Watcher Hilsenrath just over a week ago and by a Fed dove Williams on Thursday last week has got the market thinking about potential for QE tapering in the summer, which puts into play the 19 June, 31 July or 18 September meetings. The June meeting includes a Bernanke press conference and staff projects, as does the September meeting.”
http://blog.fxcc.com/forex-technical-market-analysis-may-20-2013/

FOREX ECONOMIC CALENDAR
2013-05-20 12:30 GMT  | US.Chicago Fed National Activity Index (Apr)
2013-05-20 17:00 GMT  | US.Fed's Evans Speech
2013-05-20 19:00 GMT  | AR.Unemployment Rate (QoQ) (Q1)
2013-05-20 21:45 GMT  | NZ.Visitor Arrivals (YoY) (Apr)


FOREX NEWS
2013-05-20 02:45 GMT  | Sterling bulls continue to defend the 1.5150 level
2013-05-20 02:32 GMT  | AUD/USD higher above 0.9750 on USD weakness
2013-05-20 00:27 GMT  | EUR/JPY buyers step in again at 131.00, support remains firm
2013-05-19 23:11 GMT  | EUR/USD capped below 1.2850

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Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/19.png[/IMG]

Upwards scenario: Bullish market sentiment is slightly improved yesterday however further appreciation needs to clear barrier at 1.2855 (R1) to enable our interim target at 1.2882 (R2) and then any further gains would be limited to last resistance at 1.2908 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.2818 (S1), we expect to see further market decline towards to our next target at 1.2800 (S2) and then next stop could be found at 1.2780 (S3) mark.

Resistance Levels: 1.2855, 1.2882, 1.2908
Support Levels: 1.2818, 1.2800, 1.2780

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Forex Technical Analysis GBPUSD :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/27.png[/IMG]

Upwards scenario: Next immediate resistive barrier is seen at 1.5209 (R1). If instrument gains momentum on the upside and manage to overcome it we would focus on the intraday targets at 1.5241 (R2) and 1.5276 (R3) in potential. Downwards scenario: Any downside extension is limited now to the next support level at 1.5163 (S1). Break here is required to open a route towards to next target at 1.5141 (S2) and then any further easing would be targeting final support at 1.5117 (S3).

Resistance Levels: 1.5209, 1.5241, 1.5276
Support Levels: 1.5163, 1.5141, 1.5117

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Forex Technical Analysis USDJPY :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/36.png[/IMG]

Upwards scenario: Possible upwards formation is limited now to resistive measure at 102.87 (R1). A break above it would suggest next intraday target at 103.29 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 103.75 (R3). Downwards scenario: Pair looks likely to test our supportive means today. Devaluation below the support at 102.62 (S1) would initiate bearish pressure. On the way our next interim support at 102.39 (S2) en route to final target at 102.07 (S3).

Resistance Levels: 102.87, 103.29, 103.75
Support Levels: 102.62, 102.39, 102.07

Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] FX Central Clearing Ltd [/url] )[/B]

[B]Forex Technical & Market Analysis FXCC May 21 2013

 Fed-Speak to dominate EUR/USD trading in coming days

The EUR/USD was able to claw back a small portion of its losses suffered last week, finishing the day up 64 pips at 1.2884. Economic news was light on the session with European markets closed and no releases out of the US. Market participants will be expecting volatility to really pick up later in the week when we see Fed Chairman Bernanke’s testimony to Congress, the release of the most recent FOMC minutes, and a number of other regional Fed speakers on the wires. Given the recent market buzz of the prospects of Fed tapering QE, the next few days could help set a more established trend for the pair as we near month end.

According to Marc Chandler, Head Currency Strategist at BBH, “in the US, the FOMC minutes from the April 30/May 1 meeting will be released on Wednesday. Markets will be parsing them very thoroughly for any clues about QE tapering. Those minutes will be sandwiched between another heavy slate of Fed speakers including Bullard and Dudley on Tuesday, Bernanke testimony on Wednesday, and Bullard again on Thursday. Bernanke’s testimony will be the most important, of course. While we expect the key Fed officials to signal steady as she goes with regards to QE, we acknowledge that markets could see some turbulence.” Other analysts also mention to keep a focus on Europe, as we will see a number of important PMI releases from the region later in the week as well as speeches from important European officials including ECB President Draghi.
http://blog.fxcc.com/forex-technical-market-analysis-may-21-2013/

FOREX ECONOMIC CALENDAR :
2013-05-21 06:00 GMT  | Germany. Producer Price Index (YoY) (Apr)
2013-05-21 08:30 GMT  | UK. Consumer Price Index (YoY) (Apr)
2013-05-21 14:00 GMT  | USA. Treasury Sec Lew Speech
2013-05-21 23:50 GMT  | Japan. Merchandise Trade Balance Total (Apr)

FOREX NEWS :
2013-05-21 04:36 GMT  | Fed-Speak to dominate EUR/USD trading in coming days
2013-05-21 04:26 GMT  | USD/JPY, break through 103.5 allows 105/105.50 – JPMorgan
2013-05-21 03:19 GMT  | EUR/JPY continues to eye upper end of range near 133.00
2013-05-21 01:48 GMT  | AUD/USD consolidates below 0.9800 after RBA minutes release

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Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/112.png[/IMG]

Upwards scenario: On the upside market might get more incentives above the immediate resistive barrier at 1.2905 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.2930 (R2) and 1.2955 (R3). Downwards scenario: On the other hand, possible downtrend development may encounter supportive measure at 1.2860 (S1). Penetration through this level would targeting then supportive means at 1.2836 (S2) and 1.2811 (S3) later on today.

Resistance Levels: 1.2905, 1.2930, 1.2955
Support Levels: 1.2860, 1.2836, 1.2811

 
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Forex Technical Analysis GBPUSD :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/28.png[/IMG]

Upwards scenario: While both moving averages are pointing down, medium-term technical outlook would be positive. Key resistance level lie at 1.5281 (R1), above here opens a route towards to our initial targets at 1.5308 (R2) and 1.5336 (R3). Downwards scenario: Local low at 1.5221 (S1) offers next immediate support barrier. Successful penetration below it would open path towards to next intraday targets at 1.5194 (S2) and 1.5165 (S3).

Resistance Levels: 1.5281, 1.5308, 1.5336
Support Levels: 1.5221, 1.5194, 1.5165

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Forex Technical Analysis USDJPY :

[IMG]http://blog.fxcc.com/wp-content/uploads/2013/05/37.png[/IMG]

Upwards scenario: On the upside resistive structure at 102.77 (R1) prevents further gains. Clearance here is required to open route towards to next target at 103.10 (R2) and then final target could be triggered at 103.43 (R3). Downwards scenario: On the other hand, pair keeps the consolidation pattern intact. We see potential to positively retest supportive barrier at 102.19 (S1). Depreciation below it would open route towards to initial targets at 101.86 (S2) and 101.52 (S3) in potential.

Resistance Levels: 102.77, 103.10, 103.43
Support Levels: 102.19, 101.86, 101.52

Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] ECN FX Broker Platform | Forex Account | Currency Converter | FXCC [/url] )[/B]
 

Forex Technical & Market Analysis FXCC May 22 2013


Bernanke testimony, FOMC minutes, & European data to heighten EUR/USD volatility

The EUR/USD finished the day moderately higher, closing up 25 pips at 1.2905 ahead of what is sure to be a volatile session with Fed Chairman Bernanke set to testify in front of congress at 14:00GMT. Furthermore, we will also see the release of the most recent FOMC minutes at 18:00GMT. According to Sean callow of Westpac,“The US calendar is dominated by Fed chairman Bernanke’s testimony on “The Economic Outlook” to the Joint Economic Committee of Congress (10am NY time). He will deliver a prepared text then take numerous questions from both friendly and hostile lawmakers. Volatility over the course of his appearance seems assured, as markets try to quickly decide whether Bernanke is trying to dampen talk of reducing QE some time soon, is affirming such a view or remaining non-committal. USD should gain in the latter two scenarios but we still expect the first outcome – Bernanke arguing that it is too soon to be confident that the economy is recovering sustainably.”

Other analysts are pointing towards European economic data as the additional catalysts for the EUR/USD which may help to break the recent range bound activity. Market participants should be aware that later in the week will see a number of European PMI figured which could also heighten volatility. http://blog.fxcc.com/forex-technical...s-may-22-2013/


FOREX ECONOMIC CALENDAR :
2013-05-22 12:30 GMT | Canada.Retail Sales (MoM) (Mar)
2013-05-22 14:00 GMT | USA.Existing Home Sales (MoM) (Apr)
2013-05-22 14:00 GMT | USA.Fed's Bernanke testifies
2013-05-22 18:00 GMT | USA.FOMC Minutes

FOREX NEWS :
2013-05-22 03:26 GMT | USD/JPY steady near 102.50 after BoJ Monetary Policy release
2013-05-22 02:43 GMT | AUD/USD still around 0.98 despite worsening consumer confidence in | Australia
2013-05-22 02:41 GMT | GBP/JPY – Will buyers have enough force to take out 156.80 resistance?
2013-05-22 00:22 GMT | EUR/USD working its way higher thru 1.2920/40 supply

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Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Instrument stabilized after the gains provided yesterday. Penetration above the resistive structure at 1.2926 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 1.2940 (R2) and 1.2955 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 1.2905 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 1.2889 (S2) and 1.2877 (S3) later on.

Resistance Levels: 1.2926, 1.2940, 1.2955
Support Levels: 1.2905, 1.2889, 1.2877

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Forex Technical Analysis GBPUSD :



Upwards scenario: Next actual resistance level is seen at 1.5160 (R1). If the market manages to surge higher, our focus would returned to the next target at 1.5179 (R2) and further recovery action could be exhausted at 1.5197 (R3) intraday. Downwards scenario: Price regress below the support level at 1.5128 (S1) would increase likelihood of failing towards to our key supportive barrier at 1.5110 (S2) and any further market decline would then be targeting final support for today at 1.5092 (S3).

Resistance Levels: 1.5160, 1.5179, 1.5197
Support Levels: 1.5128, 1.5110, 1.5092

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Forex Technical Analysis USDJPY :



Upwards scenario: Any upside actions looks limited to resistance level at 102.64 (R1). Surpassing of this level might enable next target at 102.73 (R2) and any further gains would then be targeting final mark at 102.86 (R3) in potential. Downwards scenario: Our next support level at 102.44 (S1) limits possible recovery attempts for now. Break here is required to establish negative market sentiment and enable lower target at 102.35 (S2) en route to final target at 102.25 (S3).

Resistance Levels: 102.64, 102.73, 102.86
Support Levels: 102.44, 102.35, 102.25

Source: FX Central Clearing Ltd,( Forex Training | Currency Converter | ECN Forex Trading Accounts | FXCC )