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USD/JPY: Just a small throw-back for now
19-03-2013 11:50
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Monday's intraday low stands out because it coincides with the early February high, according to technical analysts at Digital Look.
"In other words, the recent correction has taken the currency pair to find support at a level that has previously acted as resistance. This is a typical throw-back move," they explained.
"A bit below that level, there is another support level at approximately 93.50-93.60, coinciding with the bullish trend line of recent months.
"In summary, the short-term trend remains perfectly bullish and only a close below Monday's low (94.28) would trigger further declines, but only in the very short term."
JR
"In other words, the recent correction has taken the currency pair to find support at a level that has previously acted as resistance. This is a typical throw-back move," they explained.
"A bit below that level, there is another support level at approximately 93.50-93.60, coinciding with the bullish trend line of recent months.
"In summary, the short-term trend remains perfectly bullish and only a close below Monday's low (94.28) would trigger further declines, but only in the very short term."
JR
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