10 Mar 2015
USD/JPY: Clearing the pathway to key resistance levels on 121 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 121.45 with a high of 121.62 and a low of 121.17.
USD/JPY is back on form with new highs achieved on a persistent dollar and clearing ways for higher still. Crossing boarders at this stage is crucial, and if not we are back into disappointing ranges that the market could really do without, unless being on a long term bet for lower.
Technically, we still need to get through the 121.86 December high and then the 122.33 15 year downtrend comes into play. Kare Jones, chief analyst at Commerzbank explained that they note the 13 count on the monthly chart. "This is extremely tough resistance. The 23.6% retracement of the move down from 1982 is located at 123.40."
USD/JPY is back on form with new highs achieved on a persistent dollar and clearing ways for higher still. Crossing boarders at this stage is crucial, and if not we are back into disappointing ranges that the market could really do without, unless being on a long term bet for lower.
Technically, we still need to get through the 121.86 December high and then the 122.33 15 year downtrend comes into play. Kare Jones, chief analyst at Commerzbank explained that they note the 13 count on the monthly chart. "This is extremely tough resistance. The 23.6% retracement of the move down from 1982 is located at 123.40."