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Fan Yang

USD/JPY PIvoting Above 120.00

I recently noted that USD/JPY has been in a strong bullish attempt that is threatening a multi-month consolidation range. However, price has been stalled at 121.50. 

USD/JPY 4H Chart 11/4

(click to enlarge)

The 4H chart shows the 2 times resistance held at 121.50 in the recent couple of weeks. This shows that bulls are still not strong enough to push through the multi-month consolidation range seen more clearly in the daily chart below.

Now, when price found support at and above 120.00, it suggests that bulls are indeed taking over and pivoting USD/JPY above 120.00. The pressure is back on 121.50. 

USD/JPY Daily Chart 11/4

(click to enlarge)

If price does clear 121.50, it might open up at least the 123.00 pivot, if no the 125.25 pivot and the 125.85 high on the year. This would be a medium-term outlook for the next couple of months. 

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