USD/JPY Intraday Technical Levels for March 20, 2012

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TODAY's TECHNICAL LEVEL :

Resistance. 3 : 83.83.
Resistance. 2 : 83.66.
Resistance. 1 : 83.50.
Support. 1 : 83.29.
Support. 2 : 83.13.
Support. 3 : 82.96.

DESCRIPTION :

Please, pay attention to the support 3 (82.96) and resistance 3 (83.83) levels. In general, when a level has been reached, the USD/JPY pair will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found today's trends.

USD/JPY: Weekly Technical Levels for March 19 -23, 2012.

Weekly Technical Levels:

Tip (s):

R3 and S3 are considered as clear indicators of the maximum range of extreme volatility though it is possible to pass them through.
Pivot lines work well on sideways markets, as the prices are most likely to be located between the R1 and S1 line.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Time Frame: H1 // H4.

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Fibonacci retracement levels are to be replaced from the last week's lower levels (those of the 12^th of February) to the higher levels (those of the 16^th of February 2012) in order to determine the low and high price.

Average = (Higher - Lower) / 2
Average = 83.06

• Range: 212 pips.
• The value of 50% Fibonacci retracement levels: 83.06.
• At 85.40 a strong resistance is expected to be formed.
• At 81.00 a strong support is expected to be formed.
• Volatility: 1835.73. Thus, the market indicates the higher volatility level.
• It should be noted that the price remains between 81.90 and 84.40 levels.

• Observation (s):

  • If the trend is of upside character, then the strength of the currency will be defined as following: USD is an uptrend and JPY is a downtrend.
  • Most of traders use the Fibonacci retracement to determine accurately the psychological level of support and resistance.
  • Volatility Formulas: Variation = Average * (Higher - Lower).

USD/JPY Technical Analysis and Trading Recommendations for March 16, 2012

4H

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General situation:
Analyzing the USD/JPY market for March 16, it is evident that in the course of the yesterdays deals the price rebounded from the second resistance level and declined to the first resistance level indicating a current correction. The current signal for Buy-deals is confirmed as Chinkou Span is located above the price chart and the price is fixed above the Ichimoku Cloud. Thus, the target for the ascending movement is seen at the second resistance level 83.94. In case it has been overcome, the third resistance level 85.24 will be considered as the next target. The upward movement will remain relevant as long as the price is higher than the Kijun-Sen (83.05). In case the price is fixed below this line, the further elaboration of the signal for Buy-deals will be questioned indicating a possible reversal of the price to downwards and a bullish mood on the USD/JPY market. Bollinger Bands indicates the ascending movement, lines are slightly tightened reflecting the current correction and directed upwards. Thus, long positions are considered as relevant. MACD is directed downwards indicating the current descending movement. Therefore, it is recommended to refrain from opening the long positions until the MACD reverses to upside providing the signal for bullish trade.

Trading recommendations:
On the USD/JPY market it is recommended to consider Buy-positions with target seen at the 83.94 level. In case this level is passed through, the point 85.24 will be considered as the next target. Stop Loss is to be placed below the point 83.05. As the price goes higher, Stop Loss can be replaced upside. If the MACD reverses to upwards, it will be possible to open the long positions. If the price passes 30-40 pips to the required side, the Stop Loss can be placed to the non-loss area. Take Profits are be placed approximately at levels 83.85 and 8510.
Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.
Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 15, 2012

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GBP/USD currency pair is now testing the lower limit of both Violet and Yellow channels at 1.5640 which constitute a considerable intraday support level.
Bullish presence at 1.5640 is obvious indicating that the bulls are still intact. However breaking through 1.5640 allows bears to resume their pressure initiated yesterday at 1.5740.
The pair has an intraday resistance level at 1.5700-1.5710 which corresponds to the upper limit of the violet channel and the intermediate line of both yellow and blue channels.
The stronger Intraday resistance is located at 1.5750-1.5760 which corresponds to the upper limit of both blue and yellow channels.
SELLing at the previously mentioned resistance levels is recommeded with TP at 1.5700, 1.5650 and 1.5575 levels while the SL is to be located above the 1.5770 level.

GBP/USD Intraday Technical Analysis for March 14, 2012

Pivot Point: 1.5682.

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GBP/USD:

• Resistance: 1.5815. (Sell below this level).
• Support: 1.552. (Buy above this level).
  

  Trading Recommendations:

  
  According to the previous events, the price is still located between 1.5645 and 1.5945 levels.
  
  BUY-deals are recommended higher than the 1.552 level with targets at levels 1.571 and 1.5825.
  The descending movement will probably take place lower than the 1.5815 level with the first targets seen at 1.57, 1.565 and 1.553 levels.

• Signals:

  SELL (Short) : at 1.5735
  
  • Take Profit 1 : at 1.5615
  • Take Profit 2 : at 1.5520
  • Stop Loss : at 1.5850
    

    Overview:

    
    It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning the previous events, the price is still between the levels 1.5945 and 1.5645 so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.552 level with its first target seen at level 1.56. From this point the pair is likely to begin the ascending movement to the point 1.572 and further to the level to 1.58. However, if the pair does not manage to pass through the level 1.5815, the market will indicate a bearish opportunity below the strong resistance level 1.5815. In this regard, SELL-deals are recommended lower than the 1.5815 level with the point 1.57 seen as first target. The pair is likely to turn to downwards continuing the development of the bearish trend to the level 1.555.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 13, 2012

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Yesterday, the GBP/USD pair hit the remaining TP level for the H&S pattern at 1.5630 recording a daily low at 1.5601.
Trading below 1.5650 enabled the pair to reach 1.5600 quickly. However, the pair is not managed to break through the level 1.5650. Instead it shows some bullish rejection towards 1.5600.
The pair has established a new short-term downtrend line enabling the SELL-deals at 1.5740-1.5750 level which corresponds to the downtrend line & confluence of two fibonacci levels 61.8% & 38.2% of the depicted swings.
The targets for this SELL-deals are located at 1.5700, 1.5650 and 1.5590 levels while the SL is to be located above the 1.5870 level.

EUR/USD Intraday Technical Levels for March 12, 2012

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TODAY's TECHNICAL LEVEL :

Breakout BUY Level : 1.3184.
Strong Resistance : 1.3176.
Original Resistance : 1.3165.
Inner Sell Area : 1.3152.
Target Inner Area : 1.3121.
Inner Buy Area : 1.3088.
Original Support : 1.3077.
Strong Support : 1.3064.
Breakout SELL Level : 1.3056.

DESCRIPTION :

Today the EUR/USD pair has support and resistance levels in the points 1.3077 and 1.3165 and is accompanied by the strong support and resistance levels seen at 1.3064 and 1.3176.
If the EUR/USD pair breaks through and closes below the1.3056 level today, then this will be considered as a sing of considerable bearish strength, while in case the EUR/USD pair manages to break out and close above the 1.3184 level, this will indicated the high bullish strength. Alternatively, it is possible to open the BUY-positions at the1.3088 level; for SELL-positions it is possible to use the1.3152 level, provided that both targets are located at the level 1.3121.