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USD/JPY Classical 03.11

USD/JPY Classical 03.11

2011-03-11 07:21:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical 03.11

USD/JPY:The market continues to respect a multi-week range with setbacks most recently stalling out by 81.00 area support and bouncing back into the mid-range. From here, we see risks for continued upside and look for a test of the multi-week range resistance by 84.50 over the coming days. A break and close above 84.50 will be required to open the door for a more significant rally, while any intraday setbacks from here should be well supported above 82.50 on a daily close basis.

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

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