13.02.201404:50 Forex Analysis & Reviews: Technical analysis of USD/JPY for February 13, 2014

Long-term review

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USDJPY

The pair went through a correction after a tremendous rally towards the 105 levels from June's lows. The price was holding the 38.2 fib level and consolidating for three consecutive days, then started moving higher again. In the daily and hourly charts RSI gave a buy signal. But the price is facing resistance near 21DEMA unable to cross it. On intraday basis, buy the pair if it comes to 102.31- 102.23 with sl 102 for the targets 102.57 and 102.70. If the pair crosses the level of 102.70, it will climb to 103.0. Until the pair holds 99.0, the bullish trend is still intact.

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