USD/JPY Weekly Technical Report 8-12/4/2013

The violent upside actions seen during the previous week continued with the opening of this week and the pair has started the week with a gap while RSI 14 reflects extreme overbought case. Henceforth, we should stand aside today to see whether the gap will be covered over upcoming sessions or not. Of note, a break above 99.00 will weaken the psychological level of 100.00 and will expose 101.50 territories.

The trading range for this week is among key support at 95.50 and key resistance at 101.50.

The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact