USDJPY Technical Analysis for August 05, 2013

The USDJPY has no clear trend in this chart and it is likely that this week is very crucial for the development of the general trend of this pair.

The USDJPY is trying to consolidate above support at 98.64 level and now this pair is forming a lower high pattern. Is likely that the USDJPY will rise to the next resistance level at 100.51. On the other hand, if the pair manages to break the support at the 98.64 level, it is expected to fall to the level of 97.39, very close to the 200 day moving average, but is very likely to achieve respect USDJPY bullish trendline are close to that level. For now, the pair is trying to define its trend, because this has been within a range of indecision and this is due to the lack of impact on key news surrounding the USDJPY.

The MACD indicator remains in neutral territory, which we could see that we caution when making swing trading this pair.

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