$USD/¥JPY Forex Exchange Interactive Trading

[aFairShake]

July 30, 2007 - August 03, 2007

View on USD/JPY: May 2006 trend line.

Last week the Dollar fell versus the Yen broking out the support in the 119-120 area and hitting the 118.00 level. But decline can not last endlessly. New levels and projections go into the game. At the level of 118.00 the correction hit one more longstanding projection line lasting from May 2006! And now it is very possible to expect unless an uptrend then at least a rebound. But firstly the pair should consolidate above the 119.30 level where downtrend channel lower margin projection is, which was broken last week.

Script 1 (20%): A further decline to the 116-shape region.
It is quite possible a further course decline and hitting the 116-shape area where 2-year trend lies. A breakout of the May uptrend line last week achieved will be a signal to this decline. But wee guess this version is unlikely for the next week.

Script 2 (50%): Correction fluctuations in the range of 118.00-119.80.
The pair fluctuations reached a strong support at May trend line, so now the correction to the 119.00 - 119.80 area, the broken last week support, is very possible to expect.

Script 3 (30%): A rising up to the 121.30 level.
It must not be ruled out a higher upside movement to the July's short term downtrend line at 121.30. But after that a further decline to the support achieved at 118.00 is very possible.

Resistances
120.00/80 - the broken out intermediate support - the nearest resistance area.
121.40 - July's correction downtrend.
123.40 - the broken out March's trend - key resistance projection.
124.15 - June's high - longstanding and 2007 high.

Supports
118.00 - the uptrend from May's 2006 low.
116.20 - the uptrend expected support line from January's 2005 low.
115.10 - March's 2007 low - the year support.
113.40 - the intermediate 2006 support.

Read more Forex news and forecasts at our Forex blog.

[ForexWolf]

Hey there aFairShake--welcome aboard! Glad to see you were able to come by... Thanks for the posts and look forward to them.

FXW

[aFairShake]

Originally Posted by ForexWolf

Hey there aFairShake--welcome aboard! Glad to see you were able to come by... Thanks for the posts and look forward to them.

FXW

Thanks, will try to do our best

[orange]

Originally Posted by orange

today crashed to 118.51 at abt 2:45 ET. nice little ride. haven't analyzed yet but i think it's seeking 116 within a week or so

on schedule. 2:05 a.m. ET usdjpy crashed to 117.607.
presently remains below 1-d pivot of 118.71, which it must break by EOD to signal recovery...

[aFairShake]

August 06, 2007 – August 10, 2007

View on USD/JPY: support formalization.

GFSignals team provides a week forecast for USD/JPY

+4388 pips - this is the trading result our forex signals providers made for the last week.
More details at our web-site.

Last week our second script was fulfilled (50%): Correction fluctuations in the range of 118.00-119.80. The pair consolidated in the area achieved near the important support at 118.00. We watch slowdown of the decline and forming of the support and resistance levels. So, at 118.00 level there is an important local support May 2006 trend line projection. And now it is a good technical possibility for an upward rebound and further to the March trend line breakout region at 122.00 level. Though the pair will have to consolidate above 119.50/80 area first, where downward short term trend line projection lies. In case the May trend is broken down the pair will decline further hitting two-year trend from January 2005 at 116.20.

Script 1 (40%): Correction fluctuations in the range of 118.00-119.80.
The pair fluctuations reached a strong support at the 118.00 level area. That is why the correction may hold and side range may stay the same. In case the range margins are broken out the following two scripts will develop.

Script 2 (30%): A further decline to the 116-shape region.
It is quite possible a further course decline and hitting the 116-shape area where 2-year trend lies from 2005 year. A breakout of the May uptrend line and horizontal support at 118.00 will be a signal to this decline.

Script 3 (30%): A rising up to the 122.00 level.
It must not be ruled out a higher upside movement (the upward medium term trend line). The pair may correct to the 121.00-122.00 area, where the strong support broken at the end of July lies and March trend line breakout area as well. But after that a further decline to the support achieved at 118.00 is very possible.

Resistances
119.40/80 - the correction downward trend and the nearest resistance.
122.00 - March's trend breakout area level.
123.40 - the broken out March's trend - key resistance projection.
124.15 - June's high - longstanding and 2007 high.

Supports
118.00 - the uptrend from May's 2006 low.
116.20 - the uptrend expected support line from January's 2005 low.
115.10 - March's 2007 low - the year support.
113.40 - the intermediate 2006 support.

Read more Forex news and forecasts at our Forex blog.

[aFairShake]

Intra-day USD/JPY outlook, August 14, 2007
From GFSignals team

+ 2526 pips - this is the trades result for the last week of our forex traders' signals.
More details at our web-site: GFSignals.com

Current price: 118.10
USD/JPY is still trading in the 117.20 - 119.80 range.
The downward trend target for the next week remains at 116.60 where two-year trend line from 2005 year lies (30%). The first support comes around 117.60 and then at 117.20 (double bottom). A break out below 117.20 will cause a further decline towards 116.60 over the next trading days.
On the upside the target is at 121.00-122.00 area (60%). But there is strong resistance in the 118.70-80 region. A break beyond 118.80 is needed. But after that rise there is a prospect of a rebound back to 118.00.

Resistances
119.80 - the correction downward trend and the nearest resistance.
122.00 - March's trend breakout area level.
123.40 - the broken out March's trend - key resistance projection.
124.15 - June's high - longstanding and 2007 high.

Supports
118.50 - the uptrend from May's 2006 low.
117.20 - August low.
116.20 - the uptrend expected support line from January's 2005 low.
115.10 - March's 2007 low - the year support.

Read more Forex news and forecasts at our Forex blog.

[greencat]

I just popped the ying yang(yen) for a +50 pip short and a +20 on the bounce.

All out but I am looking for another short entry looks like it may have some more downside.
This is on the 5 minute chart...

[greencat]

Could of made more on the bounce came up off the doji still looking for a short position

[greencat]

short at 114.97 2 lots i am a little shaky on this short looking for 10 pips

[greencat]

Out + 19 done for the day