USD/JPY : Weekly Technical Analysis Report 17-October-2011

Sunday, October 16, 2011 Posted by TFAL Team
Finally USD/JPY made a tinny reaction to market rumors that the BoJ may intervene very soon, while BoJ denies that rumors in its latest meeting few days ago, but before the end of Friday trading, Japan Government officials said that Japan to unveil new steps against strong JPY early next week. These comments would likely take its effects on the USD/USD in Pre-Market today. In the meantime, USDJPY broke above its long term down trend mentioned on the charts above, but the pair has failed to break above 77.32 resistance area, while the pair closed the week well above its 55 DAY MA for the first time since 3 months, and stochastic oscillator trading at 63.27 (Positive), which could be taken as another positive sign for the pair during the upcoming week. The next obstacle resistance stands at  77.75 if it breaks through 77.32 resistance area.
JPY COT Chart indicates that Non-Commercial Long contracts decreased from 60867 to 54190 contracts last week while Non-Commercial Short contracts increased from 17405 to 19071 contracts last week. Net Long/Short decreased from 43462 to 35119 contracts / Amana Capital 

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