USD/JPY Intra-session Trendline Snapshot

\ 9:47 AM EST \ February 4th, 2013
Forex Technical Update

USD/JPY 15min chart 2/4/2013 9:35AM EST

(click link to see screenshare)
http://screencast.com/t/yTThoJNFuxq

Throwback, trendline: The USD/JPY has retreated from a new high that started the week, at 93.17. As we get into the 2/4 US session, it has returned near the session low. The 15-min chart shows its test of a trendline. The RSI dipped below 40 showing loss of bullish momentum here.

I think support here goes down to 92.40. Below that, it looks like a top. Otherwise, the structure is maybe neutral in the short-term with bullish bias from its prevailing trend.

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.

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