Pulling-back in up-trend | 01 November 2013
01 November 2013, USD/JPY
The USD/JPY has fallen back after reaching quite strong resistance from several major moving averages and the bottom of the large triangle. It failed to reach the up-side count for the bullish move at 99.20 and has now pulled-back to the 45° trend-line. It will probably consolidate at this level. Given the short-term upside bias it will probably recover and go higher, eventually reaching the target for the count at 99.20. A break above 98.35 would provide upside confirmation of such a move higher.
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.
