Rebound meets key trend-line | 29 Oktober 2013
29 Oktober 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.
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.
