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Forex Market Analysis

Technical analysis for the USDJPY

The price finally broke strong resistance at 120.20, which had been holding back the US dollar’s strengthening against the Japanese yen for two weeks.

As the bulls managed to hold above level 120.20, they can now continue their medium-term uptrend.

Potential growth targets are situated at the two resistance levels of 121.00, 121.75.

Alternative scenario: the breakout of tough support at 120.00 will trigger reversal of the uptrend. The closest decline target in this case will be found at 119.55.

USD/JPY Chart

USDJPY Chat

Source :Forex4you Broker

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