Forex Technical Analysis USD/JPY 2013-09-12
The currency pair dropped almost to key support at 99.13, below surging trend line but then quickly returned above that line forming a lower side shadow indicating bearish weakness. Thus, the uptrend remains valid and prices have reached a key support that could reverse the corrective attitude.
Looking at the Oscillators the MACD is still positive although OsMA dropped below zero and still has room for lower levels, that applies as well for the Momentum(7) which is bearish without providing any contrarian signal.
Therefore, we consider the uptrend line or the support at 99.13 could hold bearish bias and we would expect prices then to extend into 100.00/99.13 tight range.