MTI Analyst Articles

Support & Resistance

USDJPY Trend lines holds Resistance and Support

May 10, 2010

Gary Fichardt - FxBigDog

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Chart Analysis

The USDJPY daily is having it's own demon to deal with in regards to fundamental and technical chaos.

Despite of the market woes, one thing that is standing out on the chart is how the market reacts on trend-lines.

The pair had a almost 600 pip dip in Thursdays trading session, but the US Dollar has gained back most of it's losses within two days from the low at the backside of the downward Intermediate trend-line.

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Analysis

At the low of Thursday's session, the market find support off the Intermediate downward trend-line, then closed above the short-term outer trend-line, pushing the pair back to the inner short-term trend-line.

Trend-lines are certainly a great way to find support and resistance levels but are best used in conjunction with other support and resistance tools like Fibonacci levels.

All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.

Market Forecast

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	USD/CAD	AUD/USD	NZD/USD
Resistance 3	1.3816	1.6456	98.89	1.1603	1.0994	1.0000	0.7522
Resistance 2	1.3694	1.5816	97.81	1.1421	1.0871	0.9855	0.7442
Resistance 1	1.3358	1.5523	94.78	1.1267	1.0779	0.9385	0.7324
Current Price	1.2800	1.4878	93.20	1.1081	1.0257	0.9000	0.7201
Support 1	1.2457	1.4782	91.55	1.0723	0.9930	0.8706	0.6963
Support 2	1.2336	1.4476	88.14	1.0504	0.9814	0.8577	0.6853
Support 3	1.1612	1.4396	84.79	1.0132	0.9702	0.8156	0.6807