USD/JPY with Leonid Vereschagin
By Leonid Vereschagin, independent trader and analyst
Technical analysis [USDJPY] 06.03.2014
Chart 1. Daily USD/JPY
USD/JPY is flat within the longer-term uptrend. The pair has formed the true sideways move (2 highs, 2 lows). The trading range is 101.40-102.70. At the moment the rate is in the upper part of the range, near 102.70. From this level we plan entering a short position.
Chart 2. H4 USD/JPY
At H4 we see the range in greater detail. RSI8 shows that the pair is overbought.
Stop Loss: 103.20
Take Profit: 101.50
Chart 3. H1 USD/JPY
Conclusion: sell-signal is confirmed.