USD JPY rises toward long term highs

USD/JPY (daily chart shown below) has risen above its previous trading range consolidation to advance towards its seven-year high of 122.00 that was established in […]


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

USD/JPY (daily chart shown below) has risen above its previous trading range consolidation to advance towards its seven-year high of 122.00 that was established in March.

This rise, which has just established a new two-month high for the currency pair, was preceded by a prolonged sideways consolidation that extended back to March’s high.

From a longer-term perspective, USD/JPY has been entrenched in a long-standing bullish trend since 2012. The two significant highs of this uptrend thus far occurred in December of 2014, just short of the 122.00 target, and in March at the noted seven-year high of 122.00.

The current rise occurs during the recent resurgence of US dollar strength after a brief period of pullback.

As a strong bullish trend is firmly in place from both a long-term and short-term perspective, the next major upside target for the currency pair is at the noted 122.00 resistance level.

2015-05-21-USDJPY daily chart
Any break above 122.00, which would confirm a continuation of the long-term bullish trend, should target the 124.00 level as the next major resistance objective to the upside.

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar