USDJPY has been ranging all week and has not shown any clear direction yet. The main level the pair has been pivoting around is 98.90 yen, which is the 38.2 % Fibonacci retracement of the move from the September 18 low to the September 20 high.

1. Resources for the Independent Trader Blog
Technical Analysis – USDJPY pullback
will give good buy opportunity
Posted on September 25, 2013 by the XM Investment Research Desk at 8:21 am GMT

2. USDJPY has been ranging all week and has not shown any clear direction yet. The main
level the pair has been pivoting around is 98.90 yen, which is the 38.2 % Fibonacci
retracement of the move from the September 18 low to the September 20 high.
While the long term trend is up since August 8, we expect a pullback before resumption
of this uptrend.
On the 4 Hour chart on Wednesday, the pair is testing strong support at 98.50 (61.8%
Fibonacci). Next support is seen at 98.15 and 97.75.
Indicators suggest bearishness.
RSI is at 38 (bearish territory) and pointing down. Stochastics are at 23 (bearish) and
flat. Price action is below the Ichimoku cloud and below MA50.
A stronger correction towards 97.50 will confirm downside bias and open the way
towards the 96s which is a better area to enter a long position.
Important Notice: This investment research was produced by an independent analyst
and Trading Point of Financial Instruments Ltd has verified that the producer of the
investment research is subject to requirements equivalent to the requirements under
Directive DI144-2007-01 of 2012 of the Cyprus Securities and Exchange Commission in
relation to the production of the research.
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