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Forex Technical Analysis USD/JPY 2013-05-17

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Ascending triangle price pattern has proven to be valid as prices continued the upside trend and reached the 161.8% Fibonacci level of 99.95 to 95.76, at 102.62. Currently, the resistance at 102.62 held well the bullish momentum supported by overbought stochastic oscillator with prices creating some doji candlesticks in the daily chart. Another factor limiting for the time being upside bias is the upper Bollinger band, therefore even though higher prices are the most likely scenario in the intraday the pair could slightly correct.


Thus we expect some retracement in the intraday as low as 101.00, or perhaps consolidation between 102.62/101.00 range. Following that bulls would most likely regain control and move to retest 102.62, ahead of ascending triangle target around 104.14.



 

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