FX & CFD trading involves significant risk
12:29 Tech on USD/JPY
Resistance 3: Y89.20 (July 12 2010 high)
Resistance 2: Y89.00 (psychological level)
Resistance 1: Y88.37 (January 4 and 7 high)
Current price: Y88.13
Support 1: Y86.72/75 (session low, MA (100) H1)
Support 2: Y87.14 (MA (200) for H1)
Support 3: Y86.83 (January 9 low)
Comments: currency depreciation is likely to complete, since the prices went back to its previous high of Y88.37. Note that the current level of support on the hourly chart is at Y87.72. Short-term key support is at Y86.83 (at least 09/01/2013). Also, note that USD / JPY, most likely, is in the long process of forming the bottom. The breaking
resistance level of Y91.53 (up 06/04/2011) will provide opportunities to strengthen the medium-term towards the key
resistance level at 94.99 (up to 04.05.2010). But overbought conditions suggest that one should be careful in
the short term.
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