US Dollar vs Japanese Yen Advances to Resume Bullish Stance
James Chen January 17, 2013 7:00 PM
<p>USD/JPY (daily chart) as of January 17, 2013 has tentatively resumed its bullish stance after having pulled back within the last two days off its […]</p>
USD/JPY (daily chart) as of January 17, 2013 has tentatively resumed its bullish stance after having pulled back within the last two days off its 30-month high at 89.65 that was established at the very beginning of the week. The pullback off that high brought price down slightly below the key 88.00 support level, which was around the 61.8% Fibonacci retracement of the immediately prior bullish run. After making that pullback and bounce off support, price has made a substantial advance today to re-approach the 89.65 high. With key potential resistance nearby, around the 90.00 level, a breakout above that level would confirm a continuation of the strong bullish trend that has been in place for the past four months since the 77.00 area low, and could move towards further potential resistance to the upside around the 92.00 level. To the downside, the 88.00 level may continue to serve as key potential support within the strong bullish trend.
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