Forex Technical Analysis of USDJPY for October 30, 2014 | Forex Signals Market
Thursday, October 30, 2014

Forex Technical Analysis of USDJPY for October 30, 2014

Resistance:109.896 – October 03
110.080 – October 01
Support:107.900 – 23.6% Retrace of July to October bull trade
106.645 – 38.2% Retrace of July to October bull trade
106.243 – October 21 low

Trend : Bullish

Recommended position : Long

Studying charts of forex technical analysis will extract the following conclusions:

forex technical analysis
Analysis:

The pair has developed its bullish mode as posted fresh highs above the important resistance at 108.188, the 61.8% Retrace of Oct’01 to Octo’15 decline.

Option one: Having bullish trade above the resistance at 108.188, the 61.8% Retrace of Oct’01 to Octo’15 decline, with MACD settled above its Zero line and RSI above the 50 line we expect further buying to test the next resistance at 109.896, the October 03, targeting at 110.080, the October 01.

Option two: There is a scope for a consolidation in the near-term to unwind the overextended upside extremes. However, with no reversal in sentiment, we expect downside to be limited providing fresh buying opportunities.

Alternative Approach of Forex Market


4H Chart:  The area 108.340 – 108.530 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 109.760, 110.150, 110.500.
If price continue to move below the neutral zone, then the downward trading targets will be: 107.600, 107.300.

1H Chart: The area 108.920 – 109.000 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 109.500, 109.690, 109.850.
If the price move downwards and close below the neutral zone, then the downward trading targets will be: 108.700, 108.250.

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We note the need to use always stop loss levels. After all the above informations we can design a suitable forex trading strategy in order to follow, which will have based on forex technical analysis.

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