USD/JPY Still Flagging

\ 11:45 AM EST \ January 29th, 2013
Forex Technical Update

USD/JPY 1H chart 1/29/2013 11:45AM EST

(click link to see chart)
http://screencast.com/t/RQo7I4VaMI

Flag: USD/JPY did not follow through with a flag breakout attempt during the 1/29 Asian session. As we into the 1/29 US session, and at the end of the European session, USD/JPY remains in the observed flag pattern, seen in the 1H chart.

Momentum is still intact, but bulls are kept at bay. A break above at least 91.00 might be needed to revive any momentum, and the 1H RSI needs to push back above 60 to reflect such dynamic. Otherwise, the pressure remains toward the 90.00 handle in the short-term. 89.65 would be 50%.

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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