FX.co ★ Technical analysis of USD/JPY for January 30, 2014

Technical outlook and chart setups:

1. The USD/JPY has pulled back from its recent highs at 105.00 levels. Currently trading at 102.00, the pair is at fibonacci 0.382 support as seen here. It is recommended to initiate long positions now, risk remains at 101.00.

2. Immediate resistance is the recent swing highs at 105.00, while support is at 101.50, followed by 97.00/98.00 and 96.00 respectively.

3. Structure reveals that a bullish bounce from current levels of 102.00, could push prices higher above 105.00 at least.

Trading recommendations:

Long now, stop at 101.00, target open.

Good luck!