USD/JPY 15-min chart 1/28/2013 8:00AM EST
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Consolidation: After another rally to end the week last week, USD/JPY is starting this week with some consolidation under 91.25. After a little topping formation, USD/JPY fell almost to 90.55 before finding some support. The RSI in the 15-minute chart didn’t even tag 30, showing weak bearish momentum. Price also stayed above this time-frame’s 200-SMA. A climb back above 91.00 shows bulls remaining in control, putting pressure back on 91.25, above which we have bullish continuation.
A break back below 90.75 at this point, brings back some more corrective stance.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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