USDJPY ANALYSIS 09/03/15
Long term trend: Up
Medium term trend: Up
Significant levels: 120.00 (Support & Significant Round Number), 122.00 (Resistance), Uptrend
This currency pair has been in a steady uptrend lately. It can be seen in the chart that the trend is a smooth and slow upward move. Just recently, the price broke above the psychological level (120.00). This means that we could see the price to further move up. It is also worth noting that even if the price is going up right now, a recent high just made it only up to near 122.00, which is our resistance right now. Just be cautious on that level so you don't get stopped out if you entered long. It's a good opportunity to go long if the price retraced back to 120.00.
Remember that US dollar is strong right now, particularly against all other major currencies. You can use that to your advantage. Right now, we are buying US dollar.
Trade well.
Medium term trend: Up
Significant levels: 120.00 (Support & Significant Round Number), 122.00 (Resistance), Uptrend
This currency pair has been in a steady uptrend lately. It can be seen in the chart that the trend is a smooth and slow upward move. Just recently, the price broke above the psychological level (120.00). This means that we could see the price to further move up. It is also worth noting that even if the price is going up right now, a recent high just made it only up to near 122.00, which is our resistance right now. Just be cautious on that level so you don't get stopped out if you entered long. It's a good opportunity to go long if the price retraced back to 120.00.
Remember that US dollar is strong right now, particularly against all other major currencies. You can use that to your advantage. Right now, we are buying US dollar.
Trade well.
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