USD/JPY: Technical Analysis
AvaTrade | Apr 23, 2013 06:11AM ET
The USD/JPY pair fell from its resistance level, as predicted in our video analysis yesterday. We have been mentioning this resistance zone in our analysis since April 15. It is also very important to pay attention to a double top - a reversal pattern which has formed on a daily chart.
The price is trading near a minor support zone on a 30 minute time frame, and the RSI is showing a clear sign of deflection in relation to its price. This means that bias could be towards the upside in the shorter term.
Important Zone
Support Zone
96.06-95.78 Major
97.48-97.24 Minor
98.52-98.33 Minor
Resistance Zone
99.94-99.76 Major
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