Technical Analysis

USDJPY trades to new session highs and test 112.00

Cracked above the April high and stayed above

The USDJPY cracked above the April 5 high at 111.818 and stayed above today. It wasn’t without first testing it in the Asian session first.  That increases that levels importance. Stay above and the bulls remain in control. PS the low today based at another key swing level at 111.572.

Looking at the daily chart below, the pair is approaching the 112.00 area and also swing levels going back to November, December and March starting at the 112.07 to 112.279 area (see yellow area in chart below).  The high price in March reached 112.13. The 112.07-13 is target one and then 112.28 on a break of that level.  

USDJPY on the daily is approaching the March 2018 highs at 112.07-13
Close risk has to be the 111.79-111.81 level (from the hourly – give a few pips).  Stay above, keeps the buyers in control. Move below and the break to new highs, loses some of its followers.  

Articles You May Like

FOREX: HOT TRADE SETUPS FOR NEXT WEEK
S&P500 technical analysis: US stocks reach a new all-time high at 3,014.25
Gold tests 200/100 hour MAs. Look for support buyers
USD/JPY: Chinese statistics favor risk-on amid Japan off, few fresh data/events
US: Retail sales surge back – ING

Leave a Reply

Your email address will not be published. Required fields are marked *