USD/JPY Technical Analysis (US Dollar / Yen)

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January 29, 2013 2:00 AM EST

Forextribe
Updated the:
01/28/2013
USD/JPY : A new annual high result of the takeover of the right in Japan

Sentiment :

89.50

88.08

--- Follow up analysis ---
The rise never ends on the pair USD/JPY which reached new year highs this morning. The price is currently testing the resistance at 91, a level which corresponds to the upper limit of the short-term bullish channel (brown lines).

Although a pullback on the psychological support at 90 stay possible, we maintain to trade only long positions as far as 89.50 is support. Further movement to 92 is expected soon. The break of the resistance at 91 should allow the realization of this scenario.

In case of return below 89.50, we will be neutral between this level and the support at 88.08. This level corresponds to level the medium term bullish slant (purple line) that lead the uptrend since November. Only its break would allow us to advise short positions.
Full analysis

Analysis published by Bruno, the 01/28/2013 at 8h45 GMT+2

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