Technician

USDJPY: Intraday Technical Update

FX:USDJPY   U.S. Dollar/Japanese Yen
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USDJPY: Intraday Technical Strategy


Summary:
-Short term moving averages clearly indicate a sideways market
-Price cleared 102.54-102.70 resistance level
-Price hit Dynamic Resistance at the falling trend line currently at 103.15.
-Completion of A bearish Bat Pattern at 103.45
-Price corrected towards 102.88 but bounced again marking 102.88 as a fresh short term support.
-The upside potential is decreasing as we approach the top of the sideways range.
-So far the intraday bias is bullish as long above 102.50.
-Next Potential target/resistance at 103.75.
-A break below 102.50 could be negative.


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Hmmmm....beautifully analysed the market :)
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