Technical analysis USD/JPY 14 February 2013

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Remarks of the last comment to reduce the potential of “bull” on this pair and the likelihood of further correction formation confirmed. Price returned to lower, tested support at 92.80 and now consolidated at 93.50. “Stumbling block” on the way down was the support trend line (blue line). The Indicators remain downward direction that upholds the assumption of further correction in the course of which new local minima, such as 91.00 -90.90/80, can be tested. So far, more likely to have the implementation of the script of continued sideways movement in the corridor 94.50/60 – 91.20/30. Rise up and break the resistance 95.00 will reason to set goals shortly at 97.70/98.00 and more remote prospects relate to the level of 100.00, 104.00/105.00.

JPY/USD - 14/02/13

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