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USD/JPY Classical 02.07

USD/JPY Classical 02.07

2011-02-07 06:41:00
Joel Kruger, Technical Strategist
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USDJPY_CLassical_body_jpy2.png, USD/JPY Classical 02.07

USD/JPY:Despite the latest setbacks below 82.00 which had put the pressure back on the downside, the market remains well bid on dips towards 81.00. Friday’s price action was highly constructive, with the market putting in an intense bullish outside day which consumed the previous 4 daily ranges. From here, we look for continued upside back towards 83.70 over the coming sessions, with a break above to accelerate towards more critical resistance at 84.50. Any setbacks should be well supported ahead of 81.50 with only a daily close back below 81.00 to negate.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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