USD/JPY (daily chart) as of February 1, 2013 has reached and slightly surpassed its key 92.00 price objective, establishing yet a new 32-month high in the process. This long-term high is a culmination of more than three months of dramatic bullishness with no major bearish corrections as of yet, and only a few minor pullbacks. The most notable pullback thus far has been back down to the major 88.00 support level last week. But that pullback has since recovered to hit further upside targets at 90.00 and now, 92.00. Considering the sheer steepness and extension of the current bullish trend, another significant pullback may be impending, with key downside support on a pullback residing around the 90.00 level. But the overall trend remains strongly to the upside. With continued bullish momentum above 92.00, subsequent pullbacks notwithstanding, further technical price objectives to the upside are located around the major 95.00 and 98.00 levels. James Chen, CMT Chief Technical Strategist City Index Group Forex trading involves a substantial risk of loss and is not suitable for all investors. This information is being provided only for general market commentary and does not constitute investment trading advice. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. 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. View All Post By James Chen Forex News Today: Daily Trading News share Read Next ISM Manufacturing PMI: 53.1 Points – Well Above Expectations Yohay Elam 10 years USD/JPY (daily chart) as of February 1, 2013 has reached and slightly surpassed its key 92.00 price objective, establishing yet a new 32-month high in the process. This long-term high is a culmination of more than three months of dramatic bullishness with no major bearish corrections as of yet, and only a few minor pullbacks. The most notable pullback thus far has been back down to the major 88.00 support level last week. But that pullback has since recovered to hit further upside targets at 90.00 and now, 92.00. Considering the sheer steepness and extension of the current bullish trend,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
