FXstreet.com (Barcelona) - The USD/JPY has opened a consolidation period around 94.00, on its upward moving trend from 89.68 (Feb 11 low.) An assault to Fan 9 high at 94.64 seems likely.
According to Mohammed Isah, technical analyst at FXTechstrategy, break of 94.62 level would confirm double bottom pattern: Although USDJPY closed higher above the 94.00 level, decisively eroding the 94.62 level is now expected as that will confirm a double bottom chart pattern. Upside price target for such a break is located at the 102.22 level.
On its way up fron aforementioned key level, Isah forecasts two important levels to break: But the pair will have to overcome the 97.43 level, its Nov 24'08 high and the 100.55 level, its Nov 04'08 high before meeting that target .Its daily stochastics remains bullish to overbought. On the downside, its invalidated resistance at the 92.42 level is now expected to reverse roles and provide support and push USDJPY higher again.