Rebounding off support | 28 October 2013
28 October 2013, USD/JPY
The USD/JPY pair has bounced quite strongly off support at 96.95, and has climbed back higher again. Price is resting on the 200-day MA and showing signs of the possible start to a bullish recovery. The short term down-trend is still technically bearish and a move below the 96.95 lows would probably signal a move down to 95.65, however, the inability of price to strike lower and breach the thick layer of resistance below is a sign bears are not really in control and that the mid-long-term up-trend may be resuming.
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.
