Forex Technical Update

 

Previous: USD/JPYGoing into Paint-Dry Mode as it Trades at the 76.00 Handle (2/1)

USD/JPY

USD/JPY

After scraping the 76.00 handle, the USD/JPY has traded in an upward channel and is now climbing back above 77.00. The next important pivot is the 77.32 level, which has acted as the central pivot of the range between 76.55 and 78.25. It had acted as resistance in bringing the market back to range support on 1/6, 19, 20. Anticipate resistance here as the RSI also shows overbought condition in a range-bound market.

If a subsequent test of 77.32 breaks to the upside, then the USD/JPY opens up 78.25, range resistance. This is also a key level to above for consideration of bottoming in the medium to long term.

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Fan Yang CMT is the Chief Technical Strategist of IBTRADE, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.