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USD/JPY Classical Technical Report 02.16

USD/JPY Classical Technical Report 02.16

2012-02-16 07:20:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 02.16

USD/JPY:The market has broken back above the 200-Day SMA for the first time in several months, while also managing to break to fresh 2012 highs beyond 78.30. Next key resistance comes in by the October highs at 79.55 and we look for a test of this level over the coming sessions. We could be in the process of seeing a major structural shift and once 79.55 is cleared, confirmation will be given. At this point, only back under 76.50 would negate outlook and give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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