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USD/JPY forecast for the week of October 27, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 25, 2015, 03:00 UTC

The USD/JPY pair fell during the course of the week, but found enough support below to turn things back around and form a hammer yet again. This is the

USD/JPY forecast for the week of October 27, 2014, Technical Analysis

The USD/JPY pair fell during the course of the week, but found enough support below to turn things back around and form a hammer yet again. This is the second hammer in a row, and as a result it appears of the market will then head to the 110 level. With that, the 110 level will be tested and eventually broken above as we had to the 115 level. The 105 level below should be a bit of a “floor”, as the market should not go below there. If it did, things would change drastically, but at this point in time that looks very unlikely.

 

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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