Daily Forex Update: USD/JPY

USD/JPY daily chart shows a high quality Channel Down chart patterns are formed. The quality of this pattern is grade 8 bars by Autochartist. The high quality of this chart pattern, as a result of the high reading on all quality indicators that contribute to its value. These are the first trend reading 8 bars, Uniformity 8 bars and Clarity reading at 9 bar.

The high quality of this chart pattern underlines the strength of the current down trend. Price has recently turned from the area near the level of the strong support of 80,00.This level has not been tested since 1995; the strength of this level of support, in addition to the bullish divergences on the trending indicators suggest that the couple could continue the upward correction in the coming sessions.

Tim USD/JPY chart shows a complete Double bottom reversal chart patterns; this pattern reverses the previous downward trend with a breakout is measured by at 6 bar of Autochartist.Price has already reached the target area is located between 81.6175 and 81.8175.

Be careful to buy upside breakout inside the daily down trend channel; it is advisable to use stricter Stop-losses, placed at a distance not greater than 2 EPR (expected price range) from the record. Expected price range in each hour, USD/JPY chart represents 21 pips as you can see below:

Trade idea: USD/JPY – down cards at 81.83

USD/JPY-81.77

Original strategy:

Sold to 81, 83, Target: 81.05, Stop: 82.10

New strategy:

Hold the card at 81, 83, Target: 81.05, Stop: 82.10

The dollar has traded in a narrow sense, and as long as the specified resistance 81.98-99, mild downside bias remains to retreat to 81.45/50, then test on the Kijun-sen (now 81.25), only break in the Ichimoku cloud (now at 81; 01-05) but would signal the upper has been set up and take another fall to strong support at 80 54.

Against this background, we agree that our short position is indicated on the 81 83 for such cases, but one must exit on the subsequent downturn. above resistance at 81.99 would signal the long-awaited patch of the recent downtrend has started and then profit from 82.50 and later 82.90/00 would follow.

Comment by installations of Trade Forex EURJPY: USDJPY and price action 9-7-10

USDJPY:

The USDJPY formed a bearish pin bar which we discussed in last Friday's commentary. Price since then came modestly bearish and seems to have more space to run before getting to the strong support monthly close 79.75.

EURJPY:

Very lightweight volume of work-day yesterday formed a small internal bar just below the EURJPY resistance. This inside bar Setup was with market bearish momentum and could be a scenario of high-reward very low risk price merciless action traders.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The euro was substantially weaker today against other major currencies due to renewed concerns for debt of the euro area.

The dollar was mainly today stronger but still lost modestly the Japanese yen and the Swiss franc. the yen was the big winner in the session of trading forex today.

The Dow lost points 107.24 or 1.03%, S & P 500 dropped to 12.67 points, or 1.15% and the Nasdaq dropped to 24 86 points, or 1.11%.

Forex Commentary: EURUSD, USDJPY inside bar pin bar 9-3-10

The EURUSD formed internal bar yesterday that we posted in the Forum of our Member shortly after it closed. Inside bar came out to the upside today as expected. We're not sure what the EURUSD has left in his tank of gas, you can consolidate awhile before pushing higher and trying to defy the General resistance near 1 2930, which is a pretty obvious. We see this level trendline regenerated and constant development if this pair is to test the high in July.

Note the EURUSD recently made a 50% retracement of moving from June low 1.1876 for the agosto of 1.3333 high.

USDJPY:

The USDJPY formed a bearish today bar pin in the context of decreasing dominate, this is definitely one to keep the radar as short as possible.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.

Comment:

Safe usa debt declined for a third day in a row as traders saw the odds of a weakening of recession "double dip". the dollar lower ended today against most other major currencies but managed to gain modest on the Swiss franc and the Japanese yen.

The Canadian dollar and the New Zealand dollar strengthened significantly today with the euro, British pound, Australian dollar and close behind. the Franks, JPY and USD were today the weaker of the major currencies.

The Dow rose by 2.9% for the week, the S & P 500 was up 3.8% and the Nasdaq has added 3.7 percent for the week.

Settings of Trade Forex commentary: USDJPY bearish and pin bar, 10-6-10

Hit a new low multiannual USDJPY today as it fell to EUR 82.75 before closing approximately 82.92. There is strong support come into play around current levels near 82.90. However, this market is looking pretty depressed right now.

The trend is currently down the USDJPY and how this force remains a sale. pin bar configurations which constituted bearish recently on this daily chart of USDJPY add further weight the downward trend of this graph.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar continued to weaken today, although at a slower pace than what we saw on Tuesday in currency markets.

The dollar held its ground against the pound sterling as the GBPUSD finished the day unchanged, however, the dollar has lost the rest of the main currencies. Gold strengthened even today, just under $ 1350.00 per ounce in motion.

The Dow rose 22.93 points, or 0.21%, S & P 500 added 0.78 points or 0,07% and the Nasdaq lost points 19.17 or 0.80%.