Forex4you Technical Analysis 4 August 2011

[namrata]

USD/JPY: technical analysis
Intervention, made by the Japanese government triggered the bullish sentiment in the market. The price has already ascended from 77.00 to 79.90 level and it's likely to begin testing 80.00 resistance level anytime soon. Indicators are unanimous, suggesting further growth and a possible 80.00 level breakout. If the price manages to hold above this level, we'll be expecting another growth to level 81.30 in the near future. On the other hand, intervention may influence the pair either way, so its worth being wary regarding the present growth.


Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.