FXstreet.com (Barcelona) - After it touched the 92.05 level at the beginning of the Asian session, The USD/JPY has risen to the 90.65 level, today's maximum, in a new attempt to try to beat this resistance. The pair is fighting to continue with its uptrend and break the 92.75 resistance, yesterday's maximum, in line of mark new monthly highs.
Currently, the USD/JPY is trading at 92.50/65, ever above the MA 4 average since the last six hours.
Nicole Elliott senior technical analyst forecasts a rally towards 94.00 if 91.00 level holds: Hovering cautiously above trendline resistance, slightly overbought, and we favour a short squeeze to the top of the large Ichimoku 'cloud'. Upside pressure increases if we hold above the bottom of the 'cloud' at 91.00.
As for strategy, Elliott advices longs on dips around 92.15: Attempt small longs on a dip to 92.15, adding to 91.60; stop below 90.70. Add to longs above 92.75 for 93.85/94.00.