USD/JPY attempts advance from support line

<p>USD/JPY (daily chart shown below) is once again attempting to rise from a key support trend line that extends back to the 93.77 low in […]</p>

USD/JPY (daily chart shown below) is once again attempting to rise from a key support trend line that extends back to the 93.77 low in mid-2013.

Friday’s climb that occurred early in the US session can largely be attributed to the better-than-expected jobs report from the US Labor Department.

USD/JPY has essentially been in a general consolidation since the beginning of the year, although it’s been well-supported by both the noted trend line as well as the key 200-day moving average.

Also providing support has been the 100.75 level, where the currency pair rebounded in early February and has not breached to the downside since.
USDJPY technical analysis chart

 

Having followed a steadily rising trend line for almost a year, despite the recent consolidation, USD/JPY has struggled to continue the general bullish trend that has been in place since 2012.

The currency pair continues to hold above its 200-day moving average and fluctuate around its 50-day moving average.

If price can maintain its support base, it should once again look to target higher highs.

Upside resistance targets currently reside around 103.75 and then the five-year high of 105.43 that was hit at the very beginning of this year.

A move above that high would confirm an uptrend continuation, with a longer-term upside target around 108.00.

 

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