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Rebounding off support

Rebounding off support | 28 October 2013

28 October 2013, USD/JPY

The USD/JPY pair has bounced quite strongly off support at 96.95, and has climbed back higher again. Price is resting on the 200-day MA and showing signs of the possible start to a bullish recovery. The short term down-trend is still technically bearish and a move below the 96.95 lows would probably signal a move down to 95.65, however, the inability of price to strike lower and breach the thick layer of resistance below is a sign bears are not really in control and that the mid-long-term up-trend may be resuming.
Rebounding off support
Mark Satcher
Analyst of «FreshForex» company
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