USD/JPY continues advance near long-term highs
James Chen January 8, 2014 8:52 PM
<p>January 8, 2014 – USD/JPY (daily chart) is currently advancing very close to its new five-year high of 105.43, which was established just a few […]</p>
January 8, 2014 – USD/JPY (daily chart) is currently advancing very close to its new five-year high of 105.43, which was established just a few days ago, in the very beginning of the year.
That high occurred in the midst of a strong and steady bullish trend that has been in place since the currency pair broke out above its previous triangle consolidation in November – extending the sharp uptrend that has been in place since September 2012.
The past few months of this yen-weakening run have seen USD/JPY advance to break out above several key price levels; including the 100.00 psychological level and the 103.70 previous long-term high (May 2013).
105.00 had been the former upside price target, and was just reached in late December.
After having just made a shallow pullback, the pair appears poised to advance even further. On a breakout above the noted 105.43 high, a major upside resistance target resides around the important 108.00 level.
Downside support tentatively continues to reside around the 103.70 price region.
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