The Japanese yen brings over a week showing bullish sequence against the dollar. This morning it was taking force because China's manufacturing PMI had remained above 54 points, giving upward momentum against the dollar. Although, it was stopped early in the range 100 to the dollar. We expect a breakdown of the psychological level of 100 yen, to 0.9962 first support at this level to recommend buying targets of 101.07 weekly pivot point, and further up to the weekly R2 which is at 103.36. However, if you look at the graph of monthly pivots, the pivot point is at 100.41, if the pair closes the week below this level, it is expected for all this month to strengthen the yen, to 0.9709 level. Therefore, we recommend the following signal will be valid for this week.
Signals for June 03 - 08, 2013
Buy if it rebounds around 99.62 (W_S1) with take profits at 101.07 (W_R1) and 101.92 (W_R2), stop loss is below 99.00.
____WEEKLY_____
Weekly - R3 = 104.22
Weekly - R2 = 103.37
Weekly - R1 = 101.92
Weekly Pivot = 101.07
Weekly - S1 = 99.62
Weekly - S2 = 98.77
Weekly - S3 = 97.32
____MONTHLY____
Monthly - R3 = 110.51
Monthly - R2 = 107.12
Monthly - R1 = 103.80
Monthly Pivot = 100.41
Monthly - S1 = 97.09
Monthly - S2 = 93.70
Monthly - S3 = 90.38
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com
