Yen rose ahead of BOJ interest rate release

Published 10/29/2006, 07:00 PM
Updated 04/25/2018, 04:40 AM

The primary trendline of USD/JPY is still heading up as it is shown on the chart. Minor trend remain bearish although the trend is fairly mature but not oversold yet. So, holding at 117.15 calls for a correction up to 118.05, 118.58 and possibly as high as the resistance line just above 119.50. Below 117.15 opens the way down to at least 116.75. a big technical shift to the downside in USD/JPY with a trend line break Friday and further confirmation so far on Monday.

Trends:
 
Primary Tendency
The primary tendency is still uptrend, started in January 2005 with low at 102.05 and high at 120.65 in Dec 05.

Primary Tendency

Secondry Tendency
The secondary trendline is up, but starts to lose strength. Major suppport levels are 117.00 and 116.20.

Secondry Tendency

Minor Tendency
A bearish trend has started on 27-Oct, with high at 119.65 and low at 117.20.

Minor Tendency

Technical levels:

Resistance:
118.05
117.75

Support:
117.15
117.00


 

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