US Dollar vs Japanese Yen Advances after Pullback
James Chen November 30, 2012 3:00 PM
<p>USD/JPY (daily chart) as of November 30, 2012 has made a sharp advance after pulling back over the past week to just below the key […]</p>
USD/JPY (daily chart) as of November 30, 2012 has made a sharp advance after pulling back over the past week to just below the key 82.00 support level. This price action occurs after strong bullish momentum accelerated by the uptrend that began at the September 77.12 low, pushing price above the key 80.50 prior resistance by mid-November. After reaching heights just shy of 83.00 last week, the minor pullback occurred before today’s upside advance. With the strong uptrend in place, bullish price action could be biased towards a re-test of key prior resistance around the 84.00 level, last reached and respected in March. Any substantial break above that level could move towards further potential resistance around the 85.50 price region.