USD/JPY: pressure is still building towards testing 109.00 [Video]
|USD/JPY
Having broken out above 108.50 a move to test the key medium term pivot level at 109.00 is on. Yesterday’s mild negative candle has done little to change the outlook on this, so far. Momentum indicators remain strongly configured (although not as strong as they have been), with the RSI into the mid-60s, whilst MACD lines track higher above neutral and Stochastics hold above 80. Near term weakness is now a chance to buy. The hourly chart shows a band 108.40/108.60 around the108.50 old September highs from the daily chart. The bulls would remain in control whilst the support at 108.00 remains intact. Pressure is still building towards testing 109.00 and a breakout would be the real confirmation of a change in medium to longer term outlook. The one question though, is with the dollar struggling elsewhere, would a breakout above 109.00 be a step too far?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.