The USD/JPY pair is negotiating further up the weekly pivot point of 96.76. Looking at the monthly chart we have seen that last week this pair bounced of the fall to the monthly support is around 93.70 and then closed up 350 points more. If you remember Bank of Japan still maintains its monetary policy to continue devaluing the yen. The fact that in recent weeks part of profit-making has been strengthened, the rally in the levels of 0.76 to 103.50. Its objective in the medium term at 105 yen has not yet been removed from the minds of investors, so you can buy the U.S. dollar waiting for a devaluation of the yen. Thus, observing the weekly chart we can buy the areas support as 96.70 and 95.25 with objectives to W_R1 of 99.41. Therefore, we recommend the following signal will be valid for this week.
Signals for June 22 - 25, 2013
Buy if rebound is around 0.9676 (W_PPV) with take profit at 99.41 (W_R1) and stop loss below 0.95.
Buy if setback is around 0.9524 (W_S1) with take profit at 99.41 (W_R1) and stop loss below 0.95.
____WEEKLY_____
Weekly - R3 = 103.58
Weekly - R2 = 100.93
Weekly - R1 = 99.41
Weekly Pivot = 96.76
Weekly - S1 = 95.24
Weekly - S2 = 92.59
Weekly - S3 = 91.07
____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
