Free Forex Signal

USD/JPY - 101.25…The greenback faltered below this month’s high at 102.95
last week n nose-dived to 100.03 (Thursday’s low) on dlr-negative comments fm
Fed officials n also the IMF’s bearish outlook on the U.S. economy) b4 staging a
strg bounce to 102.28, however dlr retreated again on Friday to 100.64.

Dlr has opened higher this morning following the weekend’s comments fm the
G7 (warning against excessive fluctuations in currencies) n price hit an intra-
day high of 101.97 b4 retreating, suggesting further ‘choppy’ trading below
aforesaid res at 102.95 is in store, break of 100.64 wud bring re-test of 100.03
but below latter sup is needed to yield stronger retracement of recent upmove fm
95.77 (March ‘08 low) to 99.36 (50% r of 95.77-102.95 n equality proj. of 102.95
-100.03 fm 102.28) n then later twds pivotal sup at 98.56.

On the upside, abv 102.28 wud indicate the pullback fm 102.95 has ended
instead n yield another rise to 102.95, break wud confirm upmove fm 95.77 to
correct MT downtrend has resumed n further headway to 103.60/62 (res n 50% proj.
of 95.77-102.95 fm 100.03) n then 104.47 (61.8% proj.) wud follow…