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Penetration of support underway

Penetration of support underway | 25 October 2013

25 October 2013, USD/JPY

The USD/JPY pair has broken out of the consolidation pattern it was forming and confirmed the short-term trend as bearish. It has moved boldly down into the support zone and overcome most of the support there but not quite all, given the last remaining level is at 96.95. The breakout has given a new down-side target from out of the consolidation at 96.55, so clearance of the .95 support could open the way down to that level as well as the master count down from the mid October highs to 95.65.

Penetration of support underway

Mark Satcher
Analyst of «FreshForex» company
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