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16 Dec 2013
USD/JPY, still choppy below 103
FXstreet.com (Chicago) - USD/JPY extends the same parallel pattern that forms a rectangle in the afternoon of the American trading session.
USD/JPY Technical Levels
Price action reveals the extension of a gradual bearish trendline that originated last December 13th from the retracement close to the 104 zone. After a few days of choppy trading, the pattern prevails and the pair continues stalled right below the 103 front in the afternoon of the American trading session. Offered at 102.96, the pair navigates between the supports aligned at 102.87 (December 6th highs), 102.53 (December 12th lows) ahead of 102.11 (December 11th lows) and the resistances set at 103.35 (December 10th highs), 103.56 (May 16th highs) followed by 103.93 (December 13th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and flows below the EMA20.
USD/JPY Technical Levels
Price action reveals the extension of a gradual bearish trendline that originated last December 13th from the retracement close to the 104 zone. After a few days of choppy trading, the pattern prevails and the pair continues stalled right below the 103 front in the afternoon of the American trading session. Offered at 102.96, the pair navigates between the supports aligned at 102.87 (December 6th highs), 102.53 (December 12th lows) ahead of 102.11 (December 11th lows) and the resistances set at 103.35 (December 10th highs), 103.56 (May 16th highs) followed by 103.93 (December 13th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and flows below the EMA20.