Up-trend recovers | 11 نوفمبر 2013

Very choppy volatile short-term behaviour from USD/JPY – but nothing new in that! After the strong breakdown where it broke below its 45° trend-line the pair suddenly reversed and started to rise swiftly higher. It has reached strong resistance at the current level and has not quite been able to break above the 45° trend-line yet, but a move above 99.25 would mark a break. A move above the recent highs at 99.40 would be a strong bullish sign, indicating a continuation higher to a probable fulfilment of the next upside count at 99.85. Any pull-backs will meet tough support at 98.65 and a break below 98.40 would be required to signal more downside in the pair.