Forex Technical Update
Previous: USD/JPY Cracks Near-term Support (9/5)
USD/JPY daily Chart 7:15M EDT 9/7/2012
The USD/JPY has coiling, with low volatility as seen in the daily chart. Note It has been held between a declining resistance and slightly rising support trendlines. As the market anticipates the US NFP this Friday (9/7) and the FOMC meeting next Thursday (9/13), the USD/JPY is nearing the apex of the triangle, at convergence of these trendlines.
A break to the upside of has 79.66 as a resistance pivot before the 80.61 resistance pivot. If the market gets to 80.61, it would basically be testing the resistance of a range since May. A break above that extends the bullish outlook from short-term to medium term, exposing the the 2012 high near 84.19.
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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