Technical analysis of USD/JPY dated 19.02.2013
USD/JPY from 12.09.2012 (formation of ascending trend third point) is in a strong and without reformation ascending trend that could experience a good price growth. Right now this currency pair could record the top price of 94.446 during its ascending trend that according to the formation of recent candles, it is not an ideal top price for descending. In daily time frame the price has been stopped by touching the resistance level and the buyers could not reach to the higher prices.RSI indicator is in divergence mode with the price chart that warns the possibility of changing price direction. In weekly time frame Stoch indicator is in saturation buy area and warns the possibility of price reformation according to the next cycle. Closing of recent weekly descending candle or formation of one of the important candlestick patterns is a good reason for confirming the descending signal by Stoch indicator in weekly time frame. Generally according to the strong and without reformation ascending trend in this currency pair, the price has the potential for downfall until the top price of 94.446 is preserved.