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18.03.201404:57 Forex Analysis & Reviews: Technical analysis of USD/JPY for March 18, 2014

Long-term review

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The pair is in a downtrend from the 105.44 levels, consolidating and taking support between 100.75 and 101.20. For the last two weeks, the pair is taking support at the 101.20 levels. If the pair breaks the level of 101.20, the immediate support comes at 100.75 and 100.0. Until the price breaks the support levels of 101.20-100.75-100.0, the bulls' predominance will continue. Any major trend change will take place only below the 100.0 mark. On the downside, if the pair breaks the 100.0 mark, it will drift up to the 97 levels.

On an intraday basis, the level of 101.93 is acting as resistance, if the pair crosses it, we will see 102.20, 102.45, and 102.60.

POSITIONAL

S1 100.75 R1 103.75

S2 97.0 R2 104.85

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