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Rebound meets key trend-line

Rebound meets key trend-line | 29 October 2013

29 October 2013, USD/JPY

The USD/JPY pair has bounced back quite strongly and reached the 45° trend-line for the down-move. The short term down-trend is still bearish and if the trend-line successfully repulses price then it could start to move back down from the current position again, and a break below 97.40 could target the 96.95 support lows. Nevertheless the strength of the recovery is a bullish sign and there is also the possibility of a continuation higher and a resumption of the medium-long term up-trend, although a break above the 45° trend-line would provide more confirmation of such a rebound.
Rebound meets key trend-line
Mark Satcher
Analyst of «FreshForex» company
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