Technical outlook and chart setups:
1. The USD/JPY pair is facing resistance at the fibonacci 0.382 level (102.50) of fall from 105.50 to 100.50. It is recommended to initiate short positions now (101.90). Risk remains at 104.00. A push above 104.00 would enable bulls to re-test 105.50.
2. Immediate resistance is at 103.50/104.50, followed by 105.50, while support is at 100.50 (intermediary), followed by 100.50 (trend line), 97.00 and lower respectively.
3. The structure reveals that till prices are below 104.00/50, bears shall remain in control and push prices lower towards 100.00. A break of the trendline support would see 97.00 and lower levels.
Trading recommendations:
Initiate 50% short positions, stop is at 104.00, target is open.
Good luck!
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 February 27, 2014 . Thanks for your support on Technical analysis of USD/JPY for February 27, 2014
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