Pulling-back in up-trend | 19 November 2013
19 November 2013, USD/JPY
The USD/JPY pair pulled back lower than anticipated, breaking through the 45° trend-line and falling to 99.60. So strong is the up-trend that it will probably resume and continue higher to an eventual target at 100.70, the next count higher. A break above 100.20 could probably confirm such a recovery. The mid-term trend remains up so the current rally higher is, therefore, in line with the broader trend and so has a better chance of continuing. In fact, 101.80, the count from the most recent pull-back, provides an even higher target for the pair.
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.
