Trend analysis of the USDJPY for 12/11/07
USDJPY
On the 4-hour chart:
The pair recoiled from the support line of the descending tendency 1, which was formed on this week, and demonstrated more than 30-pips growth. Now the current week dynamics could be characterized as a flat, which is confirmed by the moving averages.
On the 1-hour chart:
The growing pair recoiled from the resistance level, which moved to the mark 80.42, and then fell by more than 50 pips. Failed with gaining a foothold below the level 79.92, the price restored almost all the daily losses reaching herewith the level 80.29. The moving averages are showing the horizontal tendency.
On the 15-minute chart:
On the second part of the Asian session, the pair pierced the resistance level 80.11 after short testing and grew to 80.29. Traders will keep the long positions opened until receiving the clear signals of the bullish movement end.
USDJPY
On the 4-hour chart:
The pair recoiled from the support line of the descending tendency 1, which was formed on this week, and demonstrated more than 30-pips growth. Now the current week dynamics could be characterized as a flat, which is confirmed by the moving averages.
On the 1-hour chart:
The growing pair recoiled from the resistance level, which moved to the mark 80.42, and then fell by more than 50 pips. Failed with gaining a foothold below the level 79.92, the price restored almost all the daily losses reaching herewith the level 80.29. The moving averages are showing the horizontal tendency.
On the 15-minute chart:
On the second part of the Asian session, the pair pierced the resistance level 80.11 after short testing and grew to 80.29. Traders will keep the long positions opened until receiving the clear signals of the bullish movement end.