For the USD/JPY, 2014 could best be described in football terms as a game of two halves, when viewed from almost every perspective, and perhaps the most descriptive timeframe to consider is the weekly chart for the pair. And in considering the chart, it also highlights the broader issue from a trading perspective of the need to have an array of trading strategies to take advantage of the prevailing market
USDJPY broke above 102.00 resistance, indicating that the downward movement from 103.02 had completed at 101.43 already.
The USDJPY pair fell during the bulk of the session on Thursday, testing the 101.50 support level.
The USDJPY pair initially fell during the session on Wednesday, but found support at the 101.50 level yet again. On top of that supportive area, we also had an uptrend line that was tested during the session, and as a result the buyer stepped in and push the market back up.
USDJPY breaks below 101.96 support, indicating that the upward movement from 101.32 had completed at 103.02 already.
USDJPY is facing 102.72 resistance, a break above this level will indicate that the uptrend from 101.32 has resumed,
USDJPY is now in downtrend from 102.72, and the fall extended to as low as 101.96.
The USDJPY pair fell during the bulk of the session on Thursday, but found enough support right around the 102 level to turn things back around and form a hammer.
USDJPY is moving inside an ascending trend channel on its 4-hour time frame, indicating that further gains could be in the cards for the pair.
The USDJPY pair rose during the session on Monday, bouncing off of the obvious support level near the 101.25 level.
