14.05.201405:43 Forex Analysis & Reviews: Technical analysis of USD/JPY for May 14, 2014

Long-term review

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The pair has been in a downtrend from 103 levels. Currently, it is facing stiff resistance at 50.0 fib levels 102.36 (50 daily SMA). In the weekly chart, the pair broke the lower trend line. In Asia's trading session the pair is trading at 102.19 levels. Until the pair crosses the 102.36 levels, sellers will take the pair towards 102, 101.80, and 101.50 levels. A day close above 102.36 (50daily SMA), the bulls will take control can take the pair up to 102.66 and 103 levels.

In the H4 chart, the hourly momentum indicators favors sell side. The pair is facing strong resistance at 102.23, above this, 102.36 is the crucial resistance. Traders can enter shorts at cmp or even rise at 102.36 levels for downside targets at 101.98, 101.80, and 101.50. The panic mode will activate below 101.97 levels.

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