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USD/JPY: Breaks Diamond Formation
USD/JPY has broken under the support of the large diamond pattern that we noted yesterday. Failure to find support in this region will warn of a much larger swing lower.
However, if a break over the recent high at 99.95 (02/08/2013 high) can be achieved this will turn the bias bullish again in favour of a return to 101.53 (08/07/2013 high).
The medium-term technical configuration remains positive as long as the support at 93.79 holds. However, we would favour a trendless environment in the next few weeks with a slight bearish bias given the short-term overbought conditions. Key resistances are 101.53 and 103.74.