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USD/JPY Technical Outlook Hinges on Channel

USD/JPY Technical Outlook Hinges on Channel

Paul Robinson, Strategist

USD/JPY Technical Highlights:

  • USD/JPY channel guide in play
  • Stay within bias remains higher
  • Drop below lower parallel and that changes

USD/JPY rally from the Jan low is being put to the test with USD generally weakening. The channel off the low could hold the key; stay within and the bias remains pointed higher, but break below the lower parallel and the trading bias begins to turn generally negative. Resistance clocks in at 10622, while support below the lower parallel comes in around the 10440 level.

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USD/JPY Daily Chart (Channel as a guide)

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USD/JPY 4-hr Chart

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.