USDJPY – Weekly Technical Analysis – 17 Jun 2013

The USDJPY declined after topping at 103.73 levels as suggested 2 weeks ago. The next support comes at 92.55 levels. Rejection may occur. However; Stability above 92.55 levels is likely to bring rebound towards 95.80 levels ahead of 100.00 levels. On the downside. Stability below 92.55 on a weekly closing basis will have large bearish implications towards 84.00 ahead of 80.00 levels.

Recommendations: Buy the pair after rejection on a daily basis from/above 92.55 levels. With a target towards 95.80 and 98.85 as a second target. OR sell the pair once 92.55 is broken and rejected to the downside with a target towards 90.73 and 87.80 as a second target.