USD/JPY Technical Analysis
(US Dollar / Yen)

usdjpy
usdjpy


Updated the:
04/24/2014
USD/JPY : 102.65 - Key level for the medium term trend

Sentiment :
sentiment sur la parité AUD/USD
102.65
sentiment sur la parité AUD/USD
102.20
sentiment sur la parité AUD/USD

--- Follow up analysis ---
After to have stumbled several times on the major resistance at 102.65, the pair USD/JPY has confirmed a release of its short-term bullish channel (blue lines). 102.20 has allowed a rebound of the pair which made a pullback on the lower band of the channel. The price is now moving in a short-term broadening falling wedge (orange lines) and is below the fibonacci retracements 38.20% to 102.40.

We are still neutral for the moment between 102.20 and the major resistance at 102.65. We advise to wait an exit of this range to take position :

- Trade only long positions (buy) above 102.65. A test of the retracement 61.80% at 103.05 will be expected. Note however that the lower band of another former medium term bearish channel (purple dotted lines) could act as resistance.

- Trade only short positions (sell) below 102.20. A return below 101.99 (level 23.60%) will be expected and should allow the price to reach its last lows at 101.33.

ps : Traders with a more aggressive strategy could trade the pair according to 102.40 - level 38.20% (long above ; Short below)
Full analysis

Analysis published by Bruno Dupray, the 04/24/2014 at 08h45 GMT+2

Chart of the pair USD/JPY - Timeframe 1H
USD/JPY Technical Analysis

Chart of the pair USD/CAD - Timeframe 4H
USD/JPY Technical Analysis

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