USD/JPY: pulling-back after touching 50% retrace
Forex4you | Apr 23, 2014 05:56AM ET
Short-term USD/JPY continues trading within this sideways broadening pattern. However, the break above the 102.35 highs changed the bias on the 4-hour chart to bullish. Since then it has continued rising until it recently touched the 50% retrace level at 102.72. After that there was some weakness and the pair is consolidating now. It is expected to continue higher and a re-break above the 102.72 highs would probably lead to a continuation higher to 103.05 where the 61.8% fib line is and then resistance at 103.30. The medium-term bullish trend supports this outlook.
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