The USD/JPY was bearish this week, but is wrapping up the last couple of sessions with a bullish reversal signal. Let’s take a look at the charts to assess USD/JPY’s technical conditions.
After a dip from 121.84 to 117.43, USD/JPY rallied and broke above this week’s falling trendline. It then consolidated under 119.50, but during the 12/12 session, it is breaking above the intra-session consolidation on the back of better-than-expected UMICH consumer sentiment data. This looks like a bullish continuation, and as long as USD/JPY holds above 118.00, there is upside back to the 121.84 high on the year, then the 124.16, 2007-high.
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