The pair fell during the Tuesday's session, but as you can see it spent the end of the day bouncing in order to form a hammer. This hammer is situated at the 103 odd level, so we feel that the market is sending a signal that we are in fact going to continue going higher. With that in mind, we are buyers on a break of the top of the hammer, and more specifically on a break of the top of the shooting star from Friday. Once that happens, we feel that the 105 level will be targeted.
In the hourly chart, the pair has broken the support trend line and now is trading below it. The level 103.04 is acting as intraday resistance. In the early hours of Asia's Wednesday trading session, the pair opened as an open high counter, which gives a sell signal on an hourly basis until it trades above the 103.04 level. The level 102.85 is acting as strong support. The oscillators are giving a buying signal. We'll remain in a buy move if it trades above the 103.04 level for 103.32, 103.42 and 103.76. The pair will get more bull strength only above the level 103.20. On the down side, the pair looks weak below 102.716 200 EMA for more downside towards 102.24 and 102.0
Intraday recommendation- 102.95 is the key level for intraday
Buy above 103.04 for targets 103.20, 103.32,103.42 and 103.76 sl 102.71.
Sell below 102.716 for targets 102.24 and 102.0
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/JPY for March 12, 2014 . Thanks for your support on Technical analysis of USD/JPY for March 12, 2014
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