USDJPY steps toward the next target
Written February 9, 2012 at 2:10 PM EST by Greg Michalowski
The momentum in the USDJPY has continued and the price continues to rachet higher (see prior post ). The pair has now breached the next target resistance at the 77.61 level (3 in the chart above). The next target is 77.77 (4 above) which is the midpoint of the move down from the BOJ intervention high. A move above would look toward the 200 day MA at the 78.08 level (currently) followed by the 61.8% at 78.18.
The last leg to the upside has also moved above the channel resistance at 77.50. This trendline is now support for intraday buyers. Staying above keeps the bullish bias in tact for the pair. Moving back into the channel, could lead to some liquidation/profit taking.
Categories: Forex Trading |
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