USD/JPY (daily chart) has made a sharp rise after retracing over the past week to just below the key 82.00 support level. This occurs after strong bullish momentum accelerated the new bullish trend that began around the September 77.12 low, advancing price above the key 80.50 prior resistance level by mid-November. After reaching heights just below 83.00 last week, the minor pullback occurred before today’s upside advance. With the strong uptrend in place, bullish price action could be biased towards a re-test of key prior resistance around the 84.00 level, last reached and respected in March. Any significant breakout above that level could move towards further potential resistance around the 85.50 price region.
James Chen, CMT
Chief Technical Strategist
FX Solutions
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