Technical analysis USD/JPY 26 February 2013


Technical analysisSideway consolidation ended with breaking the support range at 92.30/20. The price reached the 90.90/91.00 marks indicated as the goal for lowering, but is now trading at these levels, which could mean testing their strength as the resistance levels. The indicators show reduction, pointing out the possibility of renewed downward movement to the trend line of the rising channel (red lines), which now coincides with the level of 90.20/30. This increases the risks that the prices may fall to strong support at 88.30/00. However, the medium-term prospects remain “bullish” and the rise above 95.00 will indicate the probability of the next phase of the upward trend to the levels of 97.70/98.00.

JPY/USD - 26.02.13


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