In the beginning of the U.S. trading session this morning, the Japanese yen demonstrated a bearish movement, trading below the fractal 92.35. Overcoming of this level and a daily close above it could trigger a downward force in the upcoming days for the Japanese yen. Next target is placed at 94.00. On the other hand, the pair is trading above the 200-day moving average, according to the chart, as well as above the technical pattern which adds strength to the downward movement of the pair. The momentum indicator is in the resistance area on 4H chart. Therefore, it is likely that the level of 92.35 will not enable the pair to exceed this level. Nevertheless, we recommend buying after the pair’s correction or above the fractal.
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For detail explanation and best discovery on market trends you may visit via USD/JPY Key Fractal 92.35 for February 28, 2013 (daily strategy) . Thanks for your support on USD/JPY Key Fractal 92.35 for February 28, 2013 (daily strategy)
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