USD/JPY reaches 6-month high at 103.00 price target
James Chen December 2, 2013 8:06 PM
<p>USD/JPY (daily chart) has established a new six-month high to begin the final month of 2013, hitting its intermediate price target at the 103.00 resistance […]</p>
USD/JPY (daily chart) has established a new six-month high to begin the final month of 2013, hitting its intermediate price target at the 103.00 resistance level. This brings the currency pair close to its multi-year high of 103.72 that was established in late May, and closer to a confirmed continuation of the bullish trend that has been in place since the September 2012 low near 77.00.
The current bullish run has been steep and unrelenting since the pair broke out above a large triangle pattern consolidation around one month ago in early November. That breakout went on to reach its initial target around the key 100.00 psychological level, and then pushed swiftly higher to its current position around the second major target at the 103.00 resistance level.
The clear subsequent target to the upside is a re-test of the noted 103.72 high, a breakout above which would finally confirm a continuation of the long-standing uptrend. In that event, further upside resistance targets reside around 105.00 and 108.00. Tentative downside support currently resides around the 101.50 level.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.