Bouncing after steep sell-off | 21 Oktober 2013
21 Oktober 2013, USD/JPY
The USD/JPY pair has fallen heavily and broken down below its 45° trend-line, probably - but not definitely – signalling a shift of the short-term trend from up to down. The new down-target is quite far below at 95.65. The pair is currently recovering, but a break below 97.50 would probably signal the start of the next leg down with strong support at 97.10 providing an initial objective. Alternatively the bounce may extend further, rising up to the trend-line at 98.35.
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.
