27 September 2010 print this articleBank of Japan Tankan survey will probably show a slower pace of improvement in business confidence, adding to pressure on decision-makers to counter gains in yen by injecting more cash in the economy. A quarterly index of emotions on major manufacturers increased by 6 points in September, at least since March 19, 2009, according to economists surveyed by Bloomberg News median forecast.
Trading Tactics
A clear downtrend could be the opportunity to sell USD/JPY.
Point the buyer is on the 84.85; former opposition is take profit on 86.00; Fibonacci, 50% is the stop loss by 84.40
Selling point is on the 84.17;previous support is the take profit of 83.50;Fibonacci 38.2% is the stop loss by 84.75
Technical:USD/JPY forms a lower resistance level and continue the great downtrend.A lower back move could configure a test of the 83.50
To strengthen our analysis; we use many other indicators, starting with the MACD (moving average convergence divergence); MACD crosses the signal line we note down. momentum and RSI pointing downward. stochastic oscillator is in bearish direction.
* Analysis is for information purposes only and does not constitute advice in any form. trading of financial products provides a high degree of risk to your capital and it is possible to lose more than your original investment.
By Finotecs professional analyst,
dealingdesk@finotec.com
USD/JPY (per hour chart)
27 September 2010
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