USDJPY: Bouncing within its short-term declining channel

Monday, October 28, 20130 comments


USD/JPY is in a short-term bearish trend as long as prices remain below the resistance at 98.00 (intraday low, see also the declining channel). Supports are given by the rising trendline (around 96.83) and 96.57.

In the longer term, the technical configuration since the 22 May peak at 103.74 looks like a pause within an underlying uptrend. Therefore, we expect an eventual continuation of the longer term bullish trend. A significant support stands at 95.81. A key resistance stands at 101.53. 
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