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Forex Trading With IKON FINANCE

PostPosted: Wed Jan 23, 2013 6:34 am
by Ajawed
January 23, 2013

USD/JPY on Tuesday an intra‚Äźday low of JPY88.35/USD and made an intraday high of JPY 90.11/USD and settled the day 1.201% down at JPY88.53/USD on session close.

Technical in Focus:
In daily charts, JPY is sustaining above 200DMA (79.836), which is strong support on the daily chart. MACD is above zero line and histograms are also increasing lead to an upward movement. The Stochastic Oscillator is in overbought territory now and signaling to sell as it has given negative crossover to confirm bearish stance.

USD/JPY pair is trading between Linear Regression Indicator (LRI) 34 from the upside and LRI 55 from the downside. In general, trading above the ascending channel`s key support at 88.40 levels might extend the general upside move. Stochastic entered oversold areas supporting the upside attempt during the week.