USD/JPY 1H chart 9/4/2013 11:10AM ET
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Range: USD/JPY is ranging within a rising channel, roughly between 99.09 and 99.85. A break above 99.85 should open up not only the 100 handle, but also some resistance pivots at 100.43 and 100.85, then the 101.52 July high. The RSI turning back above 60 would be a good reflection of the bullish continuation scenario.
A break below 99 should clear the rising channel and can signal a very short-term bearish correction especially if a pullback holds below 99.50. The RSI turning back above 60 would be a good reflection of the bullish continuation scenario.
EUR/JPY 1H chart 9/4/2013 11:20AM ET
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Range: EUR/JPY is ranging just above the 200-hour SMA after a swing from the support pivot of 129.29. It has been ranging roughly between 130.63 and 131.47. As we get into mid 9/4 US session, EUR/JPY is testing that 131.47 high. A break above 131.50 should open up a possible swing towards the 132.42 high. Be aware of Thursday’s ECB meeting and press conference that can shake things up.
The 1H RSI holding above 40 and ability to push above 60 is a good accompanying sign for the short-term bullish continuation scenario.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.