USD/JPY - Bullish Recovery

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USD/JPY - Bullish Recovery

By James Chen on March 24, 2009 | More Posts By James Chen | Author's Website

USD/JPY, a daily chart of which is shown, has recovered most of its losses from late last week, and now appears poised potentially to re-test the recent 4-month high around 99.65 hit just earlier this month.

Currently, price is just below a short-term downtrend resistance line. A breakout of both this line and the 99.65 high would confirm an uptrend continuation. Follow-through above the key 100.00 level could eventually target further major resistance in the 102.50 region.

To the downside, the 94.50 region should continue to provide strong support for the pair going forward.

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