The USD/JPY has been bearish so far in 2015, but might be turning that around this week. Let’s take a look at the price action.
Rebounding from 116, USD/JPY has now broken above a falling trendline from January’s highs. There might be some resistance around 119, but there should also be support around 118. If USD/JPY does stay above 118 and pushes above 119, it exposes the highs around 120.70-120.80.
However, the daily chart shows that 120 might be a challenge as well. There is a falling speedline there, and if price retreats from 120, it remains in a consolidation, in what appears to be a descending triangle with downside risk towards 115.56-116.
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