Forex: USD/JPY – Double top being completed

on Aug 26, 2013
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_iNVEZZ.com August Monday 26th_: Last week’s trading finished with the USD/JPY up for the week. The pair added 1.05 percent to its value, closing at 98.71. The price fluctuated within the range 96.90 to 99.13. The pair broke through the 98.00 psychological level and rose to hit the descending 89-day simple moving average, which acted as a resistance and rejected the price. Currently the SMA89 is resident at 98.96.

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Forex: Afternoon update: German Economy Grows Strongly Forex: USD/JPY on a 17-day high

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Since the Asian session’s opening the USD/JPY has been dropping and right now is quoting at 98.46, completing a double top pattern seen on the 1H and 4H charts. The neckline of the pattern is at 98.37 and a breakthrough would bring the price to test the 98.00 level. The possible decline may be hindered by the 200-period simple moving average, which at the moment is at 98.46 and is acting as a support.

The pair is close to the upper line of the symmetrical triangle pattern, within which the pair has been moving since the 22 high of 103.73. The line at the moment is projected at 99.10 and a breakout of the figure will send the price upwards. However, if the pair doesn’t manage to push through, the lower line of the triangle will be tested, which is currently projected at 96.41.

Resistance levels significant today: 98.85, 99.15 and 99.50.
Support levels important today: 98.40, 98.10 and 97.55.
!fm[](/uploads/story/5074/usdjpyh4_2608.png)

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Forex: Afternoon update: German Economy Grows Strongly Forex: USD/JPY on a 17-day high

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http://nvz.bz/14kKjZM

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