Today’s Forex Guide

USD/JPY 4-hour: Moving above the 23% Fibonacci level


Mar.11.2015

3:30 pm (EST) Update

NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Moving down towards the previous bottom.

Invest Diva positioning: Short positions below 0.7343 with targets at 0.7175 and 0.6970 in extension.

Technical reasons why: The pair broke below the key support level at the 23% Fibonacci level and is moving down towards the previous bottom below the Ichimoku's cloud. The RSI is at the over-sold zone.

Alternative Scenario: Above 0.7343 look for further upside with 0.7447 and 0.7532.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7175 0.7343 0.7532
0.6970 0.7447


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Moving above the 23% Fibonacci level.

Invest Diva positioning: Long positions above 121.12 with targets at 122.00 and 122.80 in extension.

Technical reasons why: The pair is moving up above the 23% Fibonacci level at 121.12 above the Ichimoku's cloud. The RSI keeps above the neutrality area.

Alternative Scenario: Below 121.12 look for further downside with 120.57 and 120.13.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
120.57 121.12 122.00
120.12 122.80

 

3.11 japan yen update

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