17:21Forex Signals on USD / JPY on 21/10/2013
USD / JPY pair is trading on the hourly chart within the uptrend.
It shows that the rate of USD / JPY is trading above the moving average with period 55 on the hourly chart (level 98.02 ), which generally contributes to the prices in the short term.
The signal for the opening of the long position will sample the results of hours of resistance at 98.34 in order to increase the resistance level at 98.68 and in case of breakdown to 98.98 . Stoploss for this strategy can be placed at 98.00 .
The signal for the opening short position will sample the results of hours of support at 98.04 to decline to the support at 97.76 and in case of breakdown of 97.55-47 . Stoploss for this strategy can be placed at 98.40 .
Given that the moving average and the location of the boundaries of technical figures over time, moves to the hourly chart to adjust their status. I also recommend the open position up to an hour to avoid false breakouts.
In the case of a strong movement in the breakout technical figures , I recommend to wait for the correction . That level, which was the resistance should be strongly supported and it was near this level should open position in the direction of the breakdown.
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