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2013-11-21-USDJPY

November 21, 2013 – USD/JPY (daily chart) has continued to push higher after having hit and exceeded its 100.00 price objective. In doing so, the currency pair has tentatively emerged from its 5-month trading range consolidation, which can also be considered a large triangle pattern. The current advance provides an indication of what may become a continuation of the bullish trend that has been in place since September 2012. An uptrend continuation would clearly be confirmed on a breakout above the 103.72 multi-year high, which was established in May. Having broken out above the triangle consolidation pattern and the major 100.00 barrier, USD/JPY could now be poised to target the 103.00 resistance level and then a re-test of the noted 103.72 multi-year high. Key downside support now resides around the 99.00 level.

James Chen, CMT
Chief Technical Strategist
City Index Group

 

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