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USD/JPY Classical Technical Report 01.16

USD/JPY Classical Technical Report 01.16

2012-01-16 07:22:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 01.16

USD/JPY:Despite the latest pullbacks, we continue to hold onto our constructive outlook while the market holds above 76.55 on a daily close basis. We believe that any setbacks from here should be limited in favor of a fresh upside extension back towards 79.55 over the coming weeks. Look for a break above 78.30 to confirm and accelerate, while only a daily close below 76.55 negates and gives reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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