FX.co ★ USD/JPY Weekly Technical Analysis For January, 31 to February 4 /2011

WEEKLY OUTLOOK :

The bias of this pair is still in the downtrend (Indicated by all 3 EMA & RSI(13) below 50), the USD/JPY is actually still in a sideways/ranging situation too. This is indicated by the RSI(13) located between 40 and 60 and the High and Low of Jan 2/2011 (Measuring Bars) could not be broken & closed by this pair by now. However, if the USD/JPY can break out and close below 81.97 (Previous Low Candle), there's a tendency for this pair to go down and reach 81.84. If this pair can break out and close below that level, the USD/JPY is to go down to the Low Jan 2/2011 at 81.21. On the other hand if the USD/JPY can break out and close above the 82.46level, this pair is expected to go up to the 83.44 level.