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Forex4you Technical Analysis 26 July 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Jul 26, 2011.

  1. forex4you

    forex4you New Member

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    USD/JPY: technical analysis

    Trades continued to move downwards, the price now resides at level 78.00/10. Indicators are bearish again, sugesting further possible downtrend. On the other hand, bullish MACD divergence is still forming, so there's a big chance for reversal too. Furthermore, it's also worth noting that there's a possibility of intervention by the Japanese government, aimed at weakening the yen. Decline towards the pair's historical minimum at 76.50 is also probable. Growth above 80.10/00 resistance level will be a signal to the change of sentiment.

    Forex4you
    Analysis by: Joaquin Monfort
    Forex4you analyst

    Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
     
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