23.07.2014 - USD/JPY falls within the triangle

The price of USD/JPY continues to decline, despite the positive data on the U.S. housing market, where the number of home sales on the secondary market increased by 0.13 million in June to 5.04 million. The price of pair could not overcome the upper boundary of the triangle and we recommend holding short positions with the target 101.90. After going beyond the triangle, we expect strong price movement and recommend opening positions in case of price fixing below 101.90 or above 101.60. Medium and long term forecasts remain positive.

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