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[QUOTE="AlexanderLiteForex, post: 58584, member: 22090"] [b]USD/JPY: technical analysis [/b] [b]Current trend[/b] At the beginning of last week the pair had reached local highs of 100.70 and despite all bears’ attempts, this level prevented decline in price. After that the pair started to go up and by the end of last week it reached the level of 102.50. At the moment the pair is trading at the level of 102.35. The “bulls” will probably try to break down resistance level of 102.50. Technical indicators give conflicting signals: Stochastic lines are directed upwards, while MACD histogram is moving along the zero line with the minimum volumes. [b]Support and resistance[/b] Support levels are 102.15 and 101.90; the latter one coincides with the Fibonacci line 23.6% and is the main target of the “bears”. The nearest resistance level is 102.50, which is the key level, obstructing further growth and preventing the rise in pair tonew highs. This level will be followed by 102.75, 102.90 and 103.00. [b]Trading tips[/b] The pair is likely to trade in the sideways channel for some time. Long positions are recommended after consolidation of the price above the level of 102.55. Pending orders “Buy Limit” can be placed at the level of 101.90. [img]http://www.liteforex.com/uploads/other/7a3e495d8a33c5c2e260d264151639bd.png[/img] [i]Ilya Lashenko Analyst of LiteForex Group of Companies[/i] [/QUOTE]
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