The Japanese yen showed at the beginning of the week good moves, with gap included. Although it has slightly firmer at these times, it is likely to continue gaining momentum during the American session. Given that it is trading below the psychological level of 100 yen, it is more likely to find support at 99.38 yen level W_S1. It is recommended to buy in this area. We expect the pair reaches the level of 103.70 touched in May this year and go up to 105.00 Therefore, we see the following signals will be valid for this week.
Signals for July 22 - 27, 2013
Buy if the pair rebounds around 99.38 and rebuy above 100.12, with take profit at 100.12 and 102.09 (W_R2) and stop loss is below 99.00.
_____WEEKLY_____
Weekly - R3 = 103.32
Weekly - R2 = 102.09
Weekly - R1 = 101.35
Weekly Pivot = 100.12
Weekly - S1 = 99.38
Weekly - S2 = 98.15
Weekly - S3 = 97.41
____MONTHLY____
Monthly - R3 = 108.89
Monthly - R2 = 104.80
Monthly - R1 = 101.97
Monthly Pivot = 97.88
Monthly - S1 = 95.05
Monthly - S2 = 90.96
Monthly - S3 = 88.13
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