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Pulling-back in up-trend

Pulling-back in up-trend | 05 November 2013

05 November 2013, USD/JPY

The USD/JPY pair has pulled-back from major resistance and has fallen to 98.20. It is possible it will fall even further to 98.00, but the monthly pivot there will probably kick-in providing support. After that, however, the dominant up-trend is expected to resume and carry higher revisiting the triangle's lower border-line at 98.80. Above that there is further resistance at 99.40 and the point & figure up-count is to 99.85, which is the eventual objective for the pair on the short-term horizon.
Pulling-back in up-trend
Mark Satcher
Analyst of «FreshForex» company
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