USDJPY Technical Analysis for May 30, 2013

In yesterday’s session, the USDJPY was bearish and is now trying to break important supports.

The USDJPY is trying to break the support at the 100.41 level, risking their bullish trend in the short term. If the USDJPY breaks that support, is expected to fall to the level of 99.50. On the other hand, it is very possible that this pair make a bullish rebound above this support, due to strong weakness that has been presenting the yen against other pairs in the forex market and is expected to rise to resistance in the 102.50 level over the coming sessions. We should note that the MACD indicator is in negative territory, which would indicate us that it is very possible that this pair can break the support at 100.41. We must be very attentive to the H4 and H1 charts, looking for patterns bullish as the lower high pattern, for place buy orders in the USDJPY.

For now, I do not recommend trading against the trend, due to the weakness of the Japanese economy has made ​​in recent months and there is a chance the yen can devalue against the U.S. dollar, as the price this pair is above the 100.00 level, which massively increased the buy orders of investors in the yen pairs.

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