Forex Depth Analysis: USD/JPY

Daily Forex Technicals | Written by Finotec Group | Dec 02 08 08:40 GMT |

U.S. dollar could strengthen against trailing Yen. The yen traded near a five-week high against the dollar on speculation declines in global manufacturing and stocks prompted investors to sell higher- yielding assets funded in Japan's currency. The yen earlier climbed to the strongest level in more than a week versus the euro on mounting evidence of a deepening economic slump. The Australian dollar fell against the Japanese and U.S. currencies after the central bank lowered its benchmark interest rate by 1 percentage point, more than most economists forecast, and the lowest level in six years. The following technical analysis gives us a detailed lookout on what is expected to happen to USD/JPY. The buying point is at 93.22; based on a double bottom formation. Fibonacci 61.8% is the take profit at 94.77 Pivot point is the stop loss at 92.26 The selling point is at 91.90; based on a break of a strong support. Pivot point is the take profit at 91.30 Fibonacci 23.6% is the stop loss at 93.60 To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the crossing of MACD line to the signal line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in an uptrend. The ROC oscillator is very important to understand the demand in the market and as we see on the graph it is in a bullish direction. The stochastic oscillator crosses 20% level upwards. * The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text. Finotec Group Inc. http://www.finotec.com/ Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.