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.
Finding support - bounce possible
Mark Satcher
Analyst of «FreshForex» company
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