USD/JPY Weekly Forex Analysis

USD/JPY (a daily chart of which is shown) made some substantial bullish strides this past week after hitting a clear hammer candle at the support low just below the 96.00 price region. What followed that low was a sustained bullish run that reached all the way up to approach strong resistance in the 99.65-100.00 zone before closing the week. In the process, price broke out above a short-term downtrend resistance line extending from the 101.43 high in early April, as well as re-broke above a key uptrend support line extending from the 2nd test of the 87.00 double bottom.Currently halted just under 99.65 resistance, price on this pair is at a critical juncture coming into the May 4-8 trading week. Watch for any bullish break above 100.00, in which case price could very well continue up for a re-test of the 101.43 swing high. To the downside, a pronounced turn back down in the beginning of the upcoming week should meet strong support once again in the 96.00 price region.

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