News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
More View more
USDJPY: Buyers Push Prices Toward 80.00 Figure

USDJPY: Buyers Push Prices Toward 80.00 Figure

2012-08-17 10:58:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

Prices broke above resistance at 79.12 having taken out the top of a rising channel set from the July 26 low. Buyers now aim to challenge the next upside objective at 79.91, a former range top, with a break above that targeting 80.39. The 79.12 level has been recast as near-term support. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

USDJPY_Buyers_Push_Prices_Toward_80.00_Figure_body_Picture_5.png, USDJPY: Buyers Push Prices Toward 80.00 Figure

8hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES