USD/JPY – Technical Analysis
AvaTrade | Jul 11, 2013 08:08AM ET
The USD/JPY pair is forming a double top on a 30 minute time frame. Double tops are bearish pattern and they do have a significant importance at or near the support or resistance zones. If the price does respect this pattern then we could see the price moving back down towards the minor support zone (mentioned below).
Moreover, the price is also trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirms that the bulls are losing their control. The pair is also trading below the downward trend line which further strengthens the above argument.
However, the RSI is trading in line with the price action which means that the bias could be towards the upside in the short term.
Important Levels
Resistance Zone
103-.70-103.19 Major
102.52-102.03 Major
101.24-100.79 Minor
Support Zone
97.81-97.53 Minor
97.19-96.83 Major
95.25-94.82 Major
93.04-92.48 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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