USD / JPY: Short term analysis

• During the European session USD/JPY broke 102.20 and fell rapidly to 102.00, which stopped the decline.
• Short term momentum stays in favor of the yen and a drop below 102.00 will open the door for a decline towards 101.85 then 101.40.
• To the upside, resistance is located at 102.20 and above at 102.30.
• In the short term, the break of 102.40, where a downtrend line stands, would give momentum to the US dollar, to go up to 102.70/80, which is a significant strength.

USD/JPY 1H – 06/11/2014

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