20.05.201407:08 Forex Analysis & Reviews: Technical analysis of USD/JPY for May 20, 2014

Long-term review

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The pair has been in a down trend from 105.44 levels. It is taking crucial support at 50-week SMA at 100.74 levels. The pair has broken the supporting trend line. If the pair breaks the crucial support, it will go to 98.3 levels. The weekly RSI is in consolidation phase. The pair favors buying side with sl at 100.74 levels on a closing basis. It can fly up to 101.80, 102 and 102.36 levels.

On the down side, the pair comes down in any case, buyers zone will still available between 101.11-100.80 levels. The short-term strength will gain above 102.36 levels. The inital resistance level exists at 101.67 levels, above this, it will fly immediately to 102.12 and 102.25 levels.

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