Support & Resistance
Support and Resistance on USD/JPY
February 9, 2010
FX Monte
MTI 4.0 Charting on Demand serves as an all-in-one Forex charting platform and analysis tool that gives Forex traders the same accurate and reliable Forex charting tools that the pros use.
Chart Analysis
As we look at this USD/JPY Daily chart the first thing that stands out is that the present resistance probably wont hold. The way we can tell that is the market is pushing hard up and making progress. Always remember though regardless of what the candle does while its open its all about what happens when it closes.
When a candle closes it plainly shows where the support and resistance is that the candle is up against. That is why we always teach wait until the candle closes before you make the decision.
Analysis
So many different things come into play when reviewing charts. We all know though that the great traders are reviewing very simple charts. They keep their analysis elementary and easy to make a decision to trade or not.
Keep your support and resistance strategy easy to understand and execute and you will make plenty pips.
Market Forecast
9 TUE
February 2010
| EUR/UD | GBP/USD | USD/JPY | USD/CHF | USD/CAD | AUD/USD | NZS/USD | |
|---|---|---|---|---|---|---|---|
| Resistance 3 | 1.4397 | 1.6377 | 91.22 | 1.0420 | 1.0313 | .9320 | .7438 |
| Resistance 2 | 1.4392 | 1.6410 | 91.18 | 1.0384 | 1.0292 | .9318 | .7435 |
| Resistance 1 | 1.4386 | 1.6515 | 91.05 | 1.0291 | 1.0277 | .9289 | .7399 |
| Current Price | 1.4293 | 1.6352 | 91.10 | 1.0329 | 1.0330 | .9213 | .7380 |
| Support 1 | 1.4365 | 1.6210 | 90.61 | 1.0249 | 1.0239 | .9203 | .7358 |
| Support 2 | 1.4334 | 1.6062 | 90.59 | 1.0244 | 1.0223 | .9173 | .7350 |
| Support 3 | 1.4263 | 1.5895 | 90.23 | 1.0219 | 1.0205 | .9169 | .7328 |
Not sure what level trader you are?
Find out your Forex IQ!
