The pair is in a downtrend from $102.83, it made a low at $101.20. The price is facing stiff resistance in the Tuesday's trading session at $102.46, 40DEMA. The pair had broken its monthly support trend line on Friday , and today it managed to close above the trend line. It's a good sign in the short term that the pair is trading above the trend line and RSI is giving a positive indication in the daily chart.
Intraday- SELL FOR TARGETS AT $102 AND $101.6, SL IS AT $102.30.
In the hourly chart, the pair is facing a stiff resistance at the level of $102.29, Friday's high. If the price trades above $102.30, we may see $102.61 and $102.83. RSI favours sell side, it stood at the overbought levels at 78.
S1 101.96 R1 102.29
S2 101.83 R2 102.61
S3 101.63 R3 102.83
Positional- THE AREA ABOVE $102.46 LOOKS GOOD FOR BULLS
In the daily chart, 21and 40 DEMAs are acting as strong support. The pair broke the EMA's support on January 24, 2013. From that day the pair has been unable to cross the EMAs. Close above $102.46 will move further towards $102.75 and $103.17. Major up move will be only above the level of $103.17.
Overall trend-
In the weekly chart, we can see a clear negative divergence. The pair is in a sell mode. Before any major up move, the pair will come down first towards $100.0, it is acting as a strong support zone. A week close below the $100.0 mark will make some trend change towards $92.0.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/JPY for March 05, 2014 . Thanks for your support on Technical analysis of USD/JPY for March 05, 2014
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