US Dollar vs Japanese Yen Pulls Back within Steep Bullish Trend
USD/JPY (daily chart) as of January 8, 2013, has pulled back after reaching slightly above key resistance around the 88.00 price region in the beginning of the week. In view of the steep stair-step ascent that has prevailed with this currency pair for over three months, the current pullback could potentially be considered part of yet another step within the strong bullish trend that extends back to the mid-September 2012 low around 77.00, and which accelerated to the upside in mid-November 2012. After its push above 82.80 in mid-December, USD/JPY went on to break out above 84.00 and then 85.50 in late December before surging even further to hit a high above 88.00 resistance early in the week, establishing yet a new 29-month high in the process. Although the last two days have seen a significant price pullback, and a further bearish correction of the over-extended bullish run might once again find potential support around the key 85.50 level, the overall trend momentum could potentially continue its steep bullishness towards the psychologically important 90.00 level on a re-break above 88.00.
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