USD/JPY - Weekly Forex Analysis For April 13-17

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USD/JPY - Weekly Forex Analysis For April 13-17

By James Chen on April 13, 2009 | More Posts By James Chen | Author's Website

USD/JPY (a daily chart of which is shown) was mixed and ranging this past week as it struggled to continue its uptrend in the face of bearish opposition. Price reached a high in the uptrend of 101.43 early last week before correcting back down to strong support just below 100.00, and then bouncing back up to close the week right around where it opened the week.

The outlook continues to be bullish overall in the medium-term, but only if price is able to breakout substantially above the 101.43 high. In this event, a major upside resistance target resides in the 103.00 price region.

To the downside, support continues to be valid around the 99.60 region. Below this, there is plenty of room for price to retrace back down to the uptrend support line (extending from the 2nd test of 87.00 back in January) while still keeping the current uptrend intact.

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