USD/JPY pulls back after 100.00-area double-top
James Chen April 26, 2013 9:20 PM
<p>April 26, 2013 – USD/JPY (daily chart) has pulled back significantly during early session trading on Friday, after having hit an approximate double-top pattern just […]</p>
April 26, 2013 – USD/JPY (daily chart) has pulled back significantly during early session trading on Friday, after having hit an approximate double-top pattern just short of its key 100.00 resistance target. The first top was hit two weeks ago with a high around 99.94, while the second top was established early this week with a high at 99.87. The trough between these two tops resides around the 95.75 low, established early last week. Since the second top was established just a few days ago, the price has retreated to dip below the key 98.00 support level. Further bearish momentum going into next week could create a deeper bearish correction with major support around the 95.00 level. To the upside, the primary bullish event to watch out for after the current correction would be a breakout above the 100.00 double-top, which would confirm an uptrend continuation and potentially target the 103.00 upside resistance level.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.