Weekly forecast August 11-15, 2014
The pair is trading at near a 5-week low. The pair declined and closed below the 100DSma. In Friday's session the pair was rejected from 100 DSma. The pair has a strong support at 170.45 and 170.20 (200DSma). The Yen benefited from the Iraq war and after the weekend the tensions were reduced. A day closed below 170.45, we can expect 169.78 and 169.50 in the near term. On the upside, it has a resistance at 172.25 and 172.65. As long as the pair is trading below 172.25, the sellers will mint the money.
Support 170.72 170.20 169.50
Resistance 171.90 172.30 172.65
Intraday cmp 171.29
The pair is facing strong resistance at 12ema for the latest 12 hours. We recommend to buy only above 171.50 with the targets of 171.70, 171.80 and 172.50. Strong reversal will take place above 172.50 towards 173 and 173.50.
