Last week the Japanese yen strengthened, featuring movements of more than 200 points back and forth. Having been stopped the pair rise to monthly support 93.70, hence began to bounce. This week we expect the pair will depreciate. However, observing the chart of weekly pivots, we notice that the Japanese yen is below the weekly pivot of 95.72. This level is key, because the breakdown of this area will give strength to the U.S. dollar, weakening the yen to the levels of 97.64 and 101.20. Therefore, you must monitor weekly pivot level to take a position to buy or sell. Therefore, we recommend the following signal will be valid for this week.
Signals for June 17 - 22, 2013
Buy if it closes above 95.72 (W_PPV) with take profit at 97.64 (W_R1) and 101.20, stop loss is below 95.00.
____WEEKLY_____
Weekly - R3 = 103.12
Weekly - R2 = 101.20
Weekly - R1 = 97.64
Weekly Pivot = 95.72
Weekly - S1 = 92.16
Weekly - S2 = 90.24
Weekly - S3 = 86.68
____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
