USD/JPY: Sharp Bearish Reversal
USD/JPY started yesterday by breaking the resistance at 94.46 (11/02/2013 high) but then declined sharply to finish below the support at 92.23 (15/02/2013 low). Hourly supports are at 90.88 (25/02/2013 low) and 90.33 (29/01/2013 low). Hourly resistances can be found at 92.75 (intraday high) and 93.28 (61.8% retracement of the current decline).
Yesterday's intraday bearish reversal has stopped our long strategy.
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high) has almost been reached. Another key resistance can be found at 101.45 (06/04/2009 high).