USD/JPY Attempts To Break Through Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the USDJPY. As per our previous article, the currency pair is now breaking above overhead resistance (red horizontal line). We have relabelled the chart i.e. we see a higher trough followed by a new higher peak. Thus, there is little doubt that the USDJPY is in an uptrend. The RSI(9) continues to move further away from 50 and is indicative of an underlying bullish momentum. Today’s candle is still to complete, but if it closes and charts a long blue candle it will be evident of funds flowing from the JPY safe-haven as risk sentiment leans heavily towards a risk seeking environment.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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