The USD/JPY pair was threatening to revive its prevailing uptrend last week, but ended up in consolidation at the crossroad. Let’s take a look at the charts to assess the pair’s technical set up.
The USD/JPY found support and rallied to 118.85 where it is now consolidating between that resistance as 117.16. A break above 119 should expose the 120 level where there is another falling speedline. A break above 120 then exposes the 121.80, 2014-high.
However, if price falls below 117.15, USD/JPY will remain in consolidation, and will be pressured towards the 115.56-116 lows.
Previous Post by Author: Gold Trading at Key Support after a Double Top