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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.