Forex4you Technical Analysis 22 July 2011

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Forex4you Technical Analysis 22 July 2011

Post  namrata on Fri Jul 22, 2011 7:34 am

USD/JPY: technical analysis

The price tested level 78.40/50 and even seemed to have breached it, but the breakout turned out to be false, so trading is currently carried out at level 78.60/70Indicators are unclear, MACD divergence shows that further downward movement is unlikely. Therefore, the best in case would be to anticipate a wide-range consolidation between 79.40 – 78.40/20 levels. The possibility of a decline towards 76.50/40 historical minimum is still there. Growth above 80.10/00 resistance, on the other hand, will be a sign of a change of sentiment towards the bullish.

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Analysis by: Joaquin Monfort
Forex4you analyst

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