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Technical Analysis
Forex Technical Analysis EUR/USD by IFC Markets
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[QUOTE="Akriti, post: 54081, member: 26149"] [b]Forex Technical Analysis USD/JPY 2013-10-25[/b] The currency pair is testing the surging up trend line at 97.00 of a potential symmetrical triangle pattern. According to the theory the triangle is a continuation pattern thus the uptrend line could hold prices and induce them to test falling trend line at 99.00 since previous trend was up. However, in case of falling below 97.00 we would consider it a reversal pattern favoring downside. Oscillators have limited capabilities since trading range has narrowed significantly in recent trading. Nevertheless, MACD is below zero as well as lower than its signal line and RSI(14) is down trending, both reinforcing weakness chances. We consider it very interesting to watch USDJPY’s development and we would take the opportunity to follow any breach of the surging trend line at 97.00 since it could be an early signal of a longer term downtrend establishment. Due to high risk strategy we use tight risk/reward ratio. [IMG]http://www.ifcmarkets.com/uploads/images/tanalysis/d4fb6d7ee859c934311b585148993a2532766618.png[/IMG] [/QUOTE]
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