USD/JPY Holds Below 116, but Upside Risk Remains

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USD/JPY Holds Below 116, but Upside Risk Remains

The USD/JPY has been bullish but appears to be stalling this week. However, as we examine the charts, we can see that the bullish momentum is still strong, and there is still room to run before hitting some key resistance levels.

The USD/JPY is holding below 116 after making a new high on the year this week at 116.10. It has also been holding above 115. If price does extend lower than 115, we should expect buyers above 114, last week’s key support pivot. We also have support at 113.16, and if the RSI approaches 40 and stalls, we should expect a bullish attempt. A break below 112 will be needed to neutralize the market.

To the upside, the next resistance above 116.10 might be in the 119.80-120 area.  Above that we should expect sellers at the 2007-high of 124.16.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.