USDJPY: Moving higher

Thursday, November 21, 20130 comments

USD/JPY has confirmed its improving technical structure by moving above the resistance at 100.61. The short-term technical configuration is positive as long as the support at 99.57 (19 November 2013 low) holds. An initial support can be found at 100.31 (intraday low). A resistance is at 101.53.

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. A significant support stands at 95.81 (08 August 2013 low). A key resistance stands at 101.53.

Trading Strategy: Buy stop 3 at 101.58, Targets: 101.97/103.12/104.94, Stop: 101.19
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