Currency analyst

USD/JPY: will yen break the trend?

On the USD/JPY daily chart, "bulls" still cannot consolidate their position above the important level of 101.35. If they succeed, it will increase the risks of breaking the upper limit of the long-term rising channel near the mark of 101.9. There is a risk that the pair will move further to 102.5 and 103.2.

On the USD/JPY hourly chart, quotes almost reached the resistance line at 101.9. There is an upper limit of the downward trade channel and  50% Fibonacci level of XA wave of the "Bat" pattern. Successful test of the resistance line will create prerequisites for the continuation of the northward movement in the direction of 102.5, 103.2 and 103.5. 

Recommendation: BUY 101,9 SL 101,35 TP1 103,2 TP2 103,5

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