Forex Technical Update
The USD/JPY has been rallying since Nov 18. It has been a choppy one with bullish bias. After crossing above the 200-hour simple moving average, the market has been respecting it as support, on 11/24 and 11/30. It as now been testing it since the 12/5 session. Along with the 200SMA is a projected rising support, also tested in the previous and this current session. A break below this support, invalidates the break above 78.00 as a start of a bullish attempt in the medium term. Instead, the market remains in consolidation, opening up the Nov low near 76.60, especially if the 200SMA can be tested as resistance. There is also some minor support to monitor at the 77.20-77.30 area near 61.8% retracement as well as the 76.90-77.00 level as the 78.6% retracem
Fan Yang CMT is the Chief Technical Strategist FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.