The USDJPY pair was the star of last week. Now approaching to the area of 100 yen, it is losing ground quickly. Before this level there is a strong resistance around the 50 period moving average (red) around 99.30. The first weekly resistance is located at 100.51, if in the course of the week the pair is approaching this level it will be a good chance to sell this pair in anticipation of a move lower to 0.9775 support. On the other hand, if there is a decline in the yen to 0.9775 area, it will be a good opportunity to buy the pair with objectives to the psychological level of 100 yen. Now, if you look at the graph this pair has left a small gap which is located at 0.9765, which even left open, so in that area we can re-buy. Therefore, we recommend the following signal will be valid for this week.
Signals for June 10 - 15, 2013
Buy if rebound is around 0.9770 (W_PPV) with take profit at 100.51 (W_R1) and stop loss below 0.9730.
Sell short around 100.51 (W_R1) with take profit at 0.9775(W_PPV) and full cover at 94.98 (W_S1), stop loss is above 102.00.
____WEEKLY_____
Weekly - R3 = 106.23
Weekly - R2 = 103.47
Weekly - R1 = 100.51
Weekly Pivot = 97.75
Weekly - S1 = 94.79
Weekly - S2 = 92.03
Weekly - S3 = 89.07
____MONTHLY____
Monthly - R3 = 110.51
Monthly - R2 = 107.12
Monthly - R1 = 103.80
Monthly Pivot = 100.41
Monthly - S1 = 97.09
Monthly - S2 = 93.70
Monthly - S3 = 90.38
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com