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FOREX Technical Analysis: USD/JPY Taking out Resistance

FOREX Technical Analysis: USD/JPY Taking out Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

FOREX_Technical_Analysis_USDJPY_Taking_out_Resistance_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Taking out Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDJPY is pushing through the resistance cluster near 8150. Showing no signs of reversing, one must respect the potential for strength towards the next resistance cluster near 8250. ONLY a drop below 8108 at this point would warrant reversal consideration.

FOREXTrading Strategy: Longs on weakness into 8160 could work with a stop below 8108 and 8250 target.

LEVELS: 8089 8108 8160 8200 8244 8338

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.