USDJPY Technical Analysis for July 31, 2013

USDJPY stays in a range that will produce many irregular movements, to which we must be vigilant.

The USDJPY is forming a higher low pattern, above the 200 day moving average and above the support at the 97.53 level. If the pair manages to break that level, it is expected to fall to the level of 95.00. On the other hand, if the USDJPY managed to break the resistance level at 100.73, which would be expected to rise to the level of 101.50. We must be very careful when placing orders in the current range which is the USDJPY, because this is a strong point of control, which could play against the general trend. Therefore, we must wait to see if the USDJPY makes a bullish rebound in SMA 200, to continue its bullish trend or wait the beginning of a bearish trend in the long term.

The MACD indicator is entering negative territory, which could support a bearish outlook for this pair. But we recommend caution with this pair anyway.

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