Finding support - bounce possible | 16 December 2013
16 December 2013, USD/JPY
USD/JPY has pulled back after making new highs at 103.90. It has reached important support from the trend-line at 102.60. From this level it will probably start to resume its dominant up-trend. Currently there are no signs of a bullish reversal yet, however, and the short-term trend is in doubt. It will probably reverse soon and go higher, reaching the 104.15 resistance level. A move above 103.00 and then 103.25 would help provide bullish confirmation. However, a break below the 102.65 lows would change the outlook to more bearish, and lead to a possible move down to a target at 101.45.
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.
