USDJPY Technical Analysis for July 12, 2013

The USDJPY is forming important patterns that could seriously affect the development of the general trend in this pair.

The USDJPY is trying to break the support at the 98.25 level. If the pair manages to break it, would be expected to fall to the level of 97.12. Furthermore, the possibility exists that this pair conduct a bullish rebound and then rise again to the resistance level at 101.43. For now, it appears at the technical level this pair will continue to strengthen its new bearish trend, because now is forming a higher low pattern. If the USDJPY manage to break the support at the 97.12 level, it is expected to fall to the level of 95.56, which houses the 200 day moving average. USDJPY remains above the SMA 200, so that the long term trend seems to be bullish, but there are some patterns that are indicated a possible change in trend.

The MACD indicator is in overbought territory and entering negative, which could support a bearish outlook in the medium term for this pair.

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