Consolidating at highs | 20 November 2013
20 November 2013, USD/JPY
The USD/JPY pair found support at the 45° trend-line and resumed its up-trend. It has rallied up to the 100.20 level where it has hit resistance again. Then there has been a pull back from this level down – with the possibility now emerging that the pair is in a sideways consolidation. A new count up to 100.50 has been established and this is the next target. The dominant trend is still 'up' in the short-term and this also falls in sync with the broader direction of the pair, however it also seems like a continuation of the sideways move is possible over the very short term.
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.
