September 10, 2014
USD/JPY – trading above 61,8%.
The rate has managed to go above the 61.8% retracement level, now has reached the MA200. You may think that the price will grow further after breaking the descending trendline (red line), but as you can see on the chart we have another obstacle (the black downtrend line). The JPY decline is also due to the Japan’s negative economic indicators. I’m expecting the price to go even higher to touch the resistance (black line). If the price will be strong enough to take out this resistance then we have a reversal on long term on this pair, the JPY will depreciate further.
By Olimpiu Tuns – owner and financial markets analyst at: http://ovtbusiness.com/en/
