USD/JPY continues consolidation below long-term high

<p>USD/JPY (daily chart shown below) continues to consolidate off its recent seven-year high of 122.00 that was reached in March. That key 122.00 level had […]</p>

USD/JPY (daily chart shown below) continues to consolidate off its recent seven-year high of 122.00 that was reached in March.

That key 122.00 level had long been a major upside resistance target, even before December of 2014 when the prior multi-year high of 121.83 just barely missed the target.

This past February saw an upside breakout above a prolonged triangle consolidation that ultimately pushed USD/JPY to 122.00.

2015-04-13-USDJPY daily chart


Since the target was reached, the currency pair has retreated and then partially recovered within a general consolidation that has been in place for the past month.

The overall trend bias continues to be strongly to the upside within the context of a longstanding bullish trend since 2012.

With strong downside support around 118.00 within the current consolidation, the major upside resistance target continues to be the noted 122.00 level. Any subsequent break above 122.00 should target the 124.00 level as the next major resistance objective to the upside.

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