WEEKLY REVIEW :
Last week the USD/JPY formed an "Inside Bar" (Harami) combination, this situation means the volatility of this pair has surged and this week some significant movement of this pair should be expected. Unfortunately the RSI(13) is still between 40 and 60, it means no trending movement, and last week the bar closed between EMA 4 & EMA 21. This situation indicates that this pair is still in a ranging situation. However, the weekly trendline is still in a downtrend situation and the Moving Avarage Cross is in a Bearish mode, thus this pair is expected to test and break the lower candle of the previous week at 82.40. On the other hand, if the USD/JPY is back to the Bullish situation, this pair will test the Fibonacci Resistance 23.6% at 83.64; if this pair can break out and close above that level, it will cause the USD/JPY to test the 84.11 level as the first target and the 84.50 level as the second target.
