USD/JPY Price Analysis: Bulls are eyeing the 136s for the near future

USD/JPY is meeting the strat of a resistance area around 135.70/00.
Bulls remain focused on the 136 area for the next sessions.

Ross J Burland FXStreet

USD/JPY has had a good run on the day, bursting up into the 135.70s. The market is trending back up into the start of May´s sell-off and a resistance area while being on the front side of the bullish trendline as the following analysis will show:

USD/JPY daily charts

Bulls are testing the prior bullish trendline that would now be expected to act as counter-trend line resistance.

On closer inspection, we can see there could be room to the 136s.

In any case, we have a support area between 135.20/50.

USD/JPY H4 chart

The rally could be regarded as a touch over-extended so late in the day and this may have run its course into the close.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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