USDJPY Technical Analysis on 31st January (updated) - forex trading courses in kenya

USDJPY Technical Analysis on 31st January (updated) ~ forex trading courses in kenya

The Pair is Bearish Now and May Touch 90.50 line

After a big bullish run , USDJPY feeling Strong Resistance @ 91.40 level. Yesterday (30.01.2013) , the pair try to cross the level many times . After GDP data, it certainly falls to 90.80 line but again recover and reach 91.26 level. But from the Thursday morning trades , strong bearish pattern build up on USDJPY counter. The price may reach fibo 76.4 that mean it will touch 90.75 level very soon.

 If Price able to rebound from this FIBO , it may turn to positive again . But if it failure to rebound , it will go towards fibo 100 and may cross 90.50 line .

Trading Strategy :-
SELL USDJPY 91.26 TARGET 90.80, 90.50 , 90.25 SL 91.40

Alternative Scenario:-
BUY USDJPY 91.45 TARGET 91.60 , 91.85 SL 91.25

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