FX.co ★ Technical analysis for USD/JPY for January 31, 2014.

Technical outlook and chart setups:

1. As seen here, the USD/JPY has bounced off the lows at 102.00 yesterday. Please note that 102.00 is the fibonacci 0.382 support as well. A push above 103.50 would confirm that bottom is in place at 102.00 and bullish trend should continue. It is recommended to hold long positions taken yesterday.

2. Immediate resistance is at 104.50, followed by 105.50, while supports are spread through 102.00 (intermediary), followed by 101.50, 97.50, 96.50 and lower respectively.

3. The structure reveals that 102.00 could be the next support from here on. Risk is at 101.00.

Trading recommendations:

Remain long, stop at 101.00, target open.

Good luck!