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USD/JPY Classical 02.22

USD/JPY Classical 02.22

2011-02-22 07:30:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical 02.22

USD/JPY:The market continues to remain extremely well bid, with the latest surge back above 83.00 really encouraging longer-term recovery prospects and opening the door for a potential break of key topside resistance by 84.50 over the coming days. Longer-term cyclical studies certainly suggest that the market could be poised for a major bullish reversal and we would look for a break and weekly close back above 84.50 to help confirm outlook. Any dips from here should be well supported ahead of 82.50, while only a break and close back below 82.00 would concern. A potential bullish outside day formation on Tuesday helps to confirm outlook.

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

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