USD/JPY 1H Chart 8:20AM 10/22/2012
Bullish continuation: The 1H USD/JPY chart shows a market in a persistent rally, consolidating sideways briefly a couple of times last week. It starts this week (10/22) breaking above a bit of congestion that started Thursday (10/18). The 1H SMAs are all in bullish alignment, and the RSI reflects build up of bullish momentum in the short-term. The latest swing broke above the August high and previous resistance pivot at 79.66.
Bullish momentum: The daily chart shows the RSI tagging 70. This shows bullish momentum developing in the daily chart. Before getting ahead of the bullish outlook, the short-term bullish target is the 80.60-80.65 area. This contains the previous resistance pivot, and the 50% retracement of the 84.17-77.12 decline.
USD/JPY Day Chart 8:20 AM 10/22/2012
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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