06.03.201409:08 Forex Analysis & Reviews: USD/JPY technical analysis for March 6, 2014

The pair broke out of the triangle in Thursday's Asian trading session. The pair hit a high at the level 102.60, where it is facing resistance at 102.61. We could see a move up, if the pair crosses the 102.61 level. Further rise could be expected above 102.61 , and next target would be at 102.83, 103.1, 103.59, and 104.06. Support is at 102.27-102.12 below this, 101.20, only a break below this level could trigger another fall towards 100.76 and 98.00.

In the hourly chart, the pair is facing a stiff resistance at the level $102.61, February 26, 2014 high. If the price trades above $102.61, we may see $102.83 and $103.1. A day close above 103.1 will pave the way for 103.59 and 104.06. RSI favours selling sideways, it stood at the overbought level at 68. Until the pair holds the previous low 101.20, up move will continue up to 104.06 and 105.44, but chances are remote.  

INTRADAY - ABOVE 102.61 LOOKS GOOD FOR 102.68,102.83 AND 103.10

S1   102.33 R1   102.61

S2   102.22 R2   102.83

S3   102.13 R3   103.10 

POSITIONAL - A DAY CLOSE ABOVE 103.10 LOOKS MORE BULLISH

S1   102.12 R1   102.83

S2   101.20 R2   103.10

S3   100.76 R3   103.60