Break lower brings trend into doubt | 16 Octubre 2013
16 Octubre 2013, USD/JPY
The USD/JPY pair was unable to overcome tough resistance at the 98.65 highs and fell back down, breaking below the 45° trend-line and bringing into doubt the persistence of the short-term up-trend. There was a recovery, however, afterwards, although a move back up to 98.65 would be required to reactivate the up-trend, and probably above 99.00 to hurdle the resistance at the highs. The rapid move down off the highs has established a a down-target of 97.30, although I'd want to see a move below the 98.00 lows for confirmation.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
