April 2, 2014 – USD/JPY (daily chart) has tentatively broken out above the prolonged trading range that has been in place since January. Within the past week, the currency pair has managed to advance above its 50-day moving average, a downtrend line extending back to December’s five-year high of 105.43 and, most recently, the last major high of 103.75 that was hit in early March. Having just cautiously risen above this 103.75 high before pulling back slightly, USD/JPY has made an attempt to break the consolidation that has prevailed for much of 2014 thus far. Despite the recent consolidation, the currency pair is still trading within a substantial bullish trend that has been in place since late 2012. The tentative breach above this consolidation provides some needed support to USD/JPY bulls. If the pair is able to trade and maintain above 103.75, the path could be cleared for a re-test of the 105.00 area. Any subsequent move above the noted multi-year high of 105.43 would confirm a continuation of the long-standing bullish trend, and could potentially begin to target further upside around the 108.00 resistance level. 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 Will the ECB ever really do QE? Justin Pugsley 8 years April 2, 2014 - USD/JPY (daily chart) has tentatively broken out above the prolonged trading range that has been in place since January. Within the past week, the currency pair has managed to advance above its 50-day moving average, a downtrend line extending back to December's five-year high of 105.43 and, most recently, the last major high of 103.75 that was hit in early March. Having just cautiously risen above this 103.75 high before pulling back slightly, USD/JPY has made an attempt to break the consolidation that has prevailed for much of 2014 thus far. Despite the recent consolidation, the… 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.
