Forexgrange: forecast Usd-Jpy based on technical analysis, for the week: September 16-20, 2013

Analysis: On the Usd-Jpy, we have a downtrend on the long, medium term with a downtrend starting on the short term daily chart. On the very short term we have a weak uptrend that start retracing a new downtrend situation.

Price range forecast for Usd-Jpy:

- Scenario 1: following the situation on the Daily and 4H chart, we still have an uptrend channel. This week can continue to favor Short positions and we can expect the price to reach the range from 98.757 to 98.454

- Scenario 2: if the market continue to move up following the drawn up flag on the 4H, whenever the market move over the 100.200 we can still have a uptrend allowing Long positions where price can reach the range from 101.09 to 101.59

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