Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Bulls Ready To Charge on USD/JPY?

By Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

For the second week in a row the USD/JPY Weekly chart printed a hammer style candle with long tails testing the waters below 78.50 but failing to close below the open and resulting in slightly bullish candles for each week. With strong support for the pair at 78.10, below which the pair spent most of the latter half of 2011, this is possible foreshadowing of higher prices to come. However, there is also a bevvy of support above the current price level with the Monthly Pivot at 78.72, and Weekly R1 at 78.95. If the Bulls are going to take over, they will need to build some steam up before attempting to break last week's high again. Price action during Asian trading today has been Bearish, but the bears were stopped at 78.33 with 3 hours left in Tokyo trading and Australian markets closing. If the Bulls fail and prices drop, the break of last weeks low will be significant, but there is allot of 'traffic' between 78.10 & 78.50 that will make any descent difficult. Speaking strictly based on the charts, it is more likely that we will see the Bulls prevail. Intraday traders will be interested in Daily Support levels at 78.16, 77.62 77.46 which is just below the Weekly S2 at 77.57. Daily resistance can be seen above the Monthly Pivot at 78.86, 79.16, and the Daily R3 sits just above the Monthly R1 at 79.55.
I am Bullish on the USD/JPY, but cautiously so until we get confirmation from price action.

USDJPY Daily 8612

Happy Trading!

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

Most Visited Forex Broker Reviews