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USD/JPY Puts in a Short-term Top
Top: The USD/JPY fell sharply during the 5/23 Asian-European session. It is establishing a top, but is challenged by some support factors during the 5/23 US session. We have a rising short-term trendline, a support pivot at 101.23, and the 101 handle. The market appears to have found some temporary support there, but there has not been buying on this dip. Support: The next support could be the 99.90-100 handle, which held USD/JPY flat for a month. Below that there is a support/resistance pivot area around 99.50. A break below that could neutralize a bullish trend that has been intact since Sept/Oct. 2012 and extend ... (full story)
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