USD/JPY Weekly Technical Report 4-8/1/2013
ecPulse
2013-02-04 08:47AM UTC
Stability above 91.70 levels last week indicates that it is heading toward 94.15 levels and maybe 95.50 levels which remains valid with stability above the mentioned 161.8% Fibonacci at 91.70 shown on the graph. Momentum indicators offer heavy overbought signals which will not be of a concern unless the pair breaks below 91.70.
The trading range for this week is among key support at 91.20 and key resistance at 95.50.
The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.
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