A rise above 1.4360, especially if confirmed by a push above 1.4375, indicates a further move higher. Resistance is expected near 1.4400, 1.4440-1.4450, and by 1.4530.

A drop below 1.4320 will gravitate towards 1.4300. If it holds up well, expect movement back towards 1.4360. Support beyond 1.4300 is 1.4280-1.4270, 1.4200 and 1.4160.

USD/JPY - Short-term Trend Change

Last week ended with a bullish engulfing pattern (daily chart), indicating strength to the upside early this week. The start of trading this week has confirmed this as the rate pushes above recent swing highs.

Target on the upside is 95.20 with some resistance expected in the 95 area.

Minor support is expected at 94.65, 94.35 and 94.20-94.15 on corrections.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading
tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.