USDJPY: Moving above the resistance at 101.53

Monday, November 25, 20130 comments


USD/JPY continues to improve by moving above the key resistance at 101.53. The short term technical configuration is positive as long as the support at 100.96 (22 November 2013 low) holds. Another support can be found at 100.31 (intraday low).

In the medium-term, the break of the symmetrical triangle favours a further rise towards the key resistance at 103.74 (22 May 2013 high).

In the longer term, the technical configuration since the 22 May peak at 103.74 looks like a pause within an underlying uptrend. Therefore, we expect an eventual continuation of the longer term bullish trend.

Trading Strategy: Long 3 at 101.58, Targets: 101.97/103.12/104.94, Stop: 101.19 (Entered: 2013-11-25) 
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