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Forex Analysis: USD/JPY Advances Bullish Trend but Due for

2013-05-15-USDJPY

May 15, 2013 – USD/JPY (daily chart) has continued its advance to approach a major upside resistance target around 103.00. This occurs after the pivotal breakout above 100.00 that occurred late last week, after which the pair has hardly paused in its almost relentless climb towards higher multi-year highs. While the bullish trend bias is currently clear and sustaining, USD/JPY should be due for another downside correction before potentially reaching back up once again towards even loftier levels. The most well-defined downside support objective for this potential correction resides around the key 100.00 level, as prior resistance may well become future support. Further upside targets on a continuation of the entrenched bullish trend reside around 105.00 and then 108.00.

James Chen, CMT
Chief Technical Strategist
City Index Group

 

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James Chen

James Chen

James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press.