USD/JPY Daily Technical Forex

Thu, Mar 20 2008, 09:08 GMT
by Timothy Straiton

Stoploss.ch

Current level at 10:08 CET is 99.69, trading above the daily pivot point level of 98.85, having reached our medium term downside objective of 95.90 on the 17th of March. This level corresponds to the Fibonacci 76.4 percent retracement level measured over the 1995 low of 79.78 to the 1998 high of 147.62. We are now trading at 13.5 percent below the falling 200 day moving average, which suggests that a strong rebound will be seen in the not too distant future. The 14 day ADX is levelling off from fairly high readings which suggests that the downside directional force is now evaporating. Pivot point related resistance level for today are set at 100.02 and then 101.27. The daily Ichimoku cloud base is now at 107.40 and this will probably be the initial magnet in the coming corrective phase.