16th Jan - USD/JPY Bulls Test Long Term Resistance
16 January 2014
MONTHLY CHART:
The long term recovery has now neared a falling resistance line at 106.60, where bulls could temporarily struggle.
WEEKLY CHART:
The 105.60 61.8% retracement level has been reached, where resistance seems to be emerging.
DAILY CHART:
Following violation of the May-13 103.73 high, the upmove has paused (see resistance on longer term charts). Currently dips should hold above the rising support line at 98.90 in order to avoid a deeper/more prolonged corrective phase.
Next interesting target/resistance here comes from the channel top projection at 109.40 at present.
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