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