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Pair has been trading in a strong bullish trend for a past few months. It has stopped now at a major long term resistance level of 101.3 - 101.6 It is also a very significant psychological level - 100.00. Although bulls managed to push the price above this important level the game is still not over. After a strong rally consolidation took place and symmetrical triangle continuation pattern was formed. Price broke out of this pattern suggesting yen weakness to continue. A new higher high was made just above the 105 level adding more optimism for USD/JPY bulls.
However, from the point of view of technical analysis it starts to look as a possible reversal point. It is still possible that 100.00 level will hold further decline, but I am very skeptical about that. If this really is a reversal we should see some stronger selling in the coming weeks. There is also a possibility that pair will go down to make new low near 93.00 to initiate selling. It can also stay in the range between 93.00 and 105.00. Volatility increase also suggests that something bigger might be around the corner
. Highest volatility for a week since August. Coincidence or not?
However, from the point of view of technical analysis it starts to look as a possible reversal point. It is still possible that 100.00 level will hold further decline, but I am very skeptical about that. If this really is a reversal we should see some stronger selling in the coming weeks. There is also a possibility that pair will go down to make new low near 93.00 to initiate selling. It can also stay in the range between 93.00 and 105.00. Volatility increase also suggests that something bigger might be around the corner
. Highest volatility for a week since August. Coincidence or not?