USD/JPY Flag Pattern.

The pair has been moving sideways after a strong run yesterday. This has formed a flag pattern which indicates a continuation of the rise. Yet a breakout can be traded in both directions.

A break above 96.60 would provide early signals of continuation in yesterdays rise. Confirmation would come from a break above 96.80 with profit targets at 97.00 and resistance is expected at 97.20.

A push below 96.20-96.10 points to at least a partial retracement of yesterdays surge. The initial target is 95.70 with 95.40 expected to hold beyond that.

Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros. com