USD/JPY at Intra-session Crossroad

\ 8:03 AM EST \ January 28th, 2013
Forex Technical Update

USD/JPY 15-min chart 1/28/2013 8:00AM EST

http://screencast.com/t/SlUCKTbatSK
(click to see chart)

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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

Please login to comment. Dont have an account? Register