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USD/JPY - Bullish Recovery

Posted on March 24, 2009 at 14:11 in Analysis by James Chen

USD/JPY Daily ChartUSD/JPY, a daily chart of which is shown, has recovered most of its losses from late last week, and now appears poised potentially to re-test the recent 4-month high around 99.65 hit just earlier this month. Currently, price is just below a short-term downtrend resistance line. A breakout of both this line and the 99.65 high would confirm an uptrend continuation. Follow-through above the key 100.00 level could eventually target further major resistance in the 102.50 region. To the downside, the 94.50 region should continue to provide strong support for the pair going forward.

One Response to “USD/JPY - Bullish Recovery”

  1. on 24 Mar 2009 at 3:16 pm1Yohay

    In the meantime it’s “resting” and not moving towards the highly anticipated 100 mark.

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