USDJPY Technical Analysis for May 09, 2013
By
Felipe Erazo
PUBLISHED:
09 May 2013 @ 02:20
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The USDJPY has had a week very slow in the forex market and is trying to define the general trend.
The USDJPY still doesn’t break the resistance at the psychological level of 100.00, a very important because of its strength in recent weeks. Yet, still within the range of 99.45 and 96.41, any breach of these levels, will define the trend of this pair in the medium term. Recall that if the USDJPY makes a breakout with a bullish candlestick in the resistance of 100.00, it is very possible that the USDJPY will continue its bullish road, that leads from last year. For intraday trading, I do not recommend doing trading due to instability in the movements presented this pair in recent weeks. We must be careful with the decisions taken at meetings of the G7 during this weekend and do not forget for today’s session at 23:50 GMT, the publication of the Japanese’s Current Account (Previous: 0.00T / Forecast : 0.48T)
Be cautious with secondary bullish trend line that has formed in this chart, if the USDJPY breaks this trendline, it is likely to fall to support at the 96.41 level. The MACD indicator remains in neutral territory.
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