USDJPY: A pproaching the resistance at 101.53

Friday, November 22, 20130 comments

USD/JPY continues to improve and is now close to the key resistance at 101.53. The short term technical configuration is positive as long as the support at 100.31 (intraday low) holds. Another support can be found at 99.57 (19 November 2013 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 : Buy stop 3 at 101.58, Targets: 101.97/103.12/104.94, Stop: 101.19 
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