Technical analysis of USD/JPY for April 15, 2014

The pair has been in a downtrend from 104.11 levels. In yesterday’s article I gave
a buy call. The pair gave a breakout from the symmetric triangle aiming at the upside targets of 102.15 and 102.5. The pair is facing resistance at 102 levels. Once it crosses this level, it will shoot to the next targets. On the downside, 101.66,
101.42, and 101.33 are the support levels and 101.33 is the sl for my buying
recommendation. The RSI is favoring my view.

For positional traders, the February 03 low of 100.78 is the strong
support, breaking below it will pospone the uptrend for a couple of days. The
pair falls all the way to 100-99 levels. After a day close above the 102.35 levels, the
bulls will take the pair towards 103 and 104.11 levels. During the week, if the
pair trades below 102.03 levels, the pair will correct a bit again. Bulls will
get more strength only above 102.03 levels or in a dip if it comes at 100.5-100
levels.

S1 101.66 R1 102.03

S2 101.42 R2 102.16

S3 101.33 R3 102.50

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