18.05.201113:19 Forex Analysis & Reviews: USD/JPY technical overview for May 18, 2011

Long-term review

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At the moment the price is located in the zone between the Fibonacci levels 23.6 and 38.2. There is a sell signal from the Stochastic oscillator. Its %K line left the overbought zone for the neutral one. At the Ichimoku chart we can see that the Senkou Span B is forming a support level for the price, which accurately coincides with the Fibonacci 23.6 level. It should also be noted that the price is located in the Cloud and you should wait until the resistance level at the Senkou Span И is broken before entering the market.

Resistance – 81.88
Support – 81.01 ; 79.61

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