Trader, analyst and instructor with a 6-year experience

USD/JPY: daily update

USD/JPY is trading slightly lower after having touched 98.85 in the Asian trade. On Friday the pair attempted to rise, but was capped at 99.15. The pair is testing the 2013 trend resistance which has already limited the upside for several times. 

We would like to go long on the pair, but now it is too early to do that. Last week the pair formed a nice bullish candle, but failed to close above the key 99.15/20 area. A daily fix above here could be a good entry point for buying the pair. Our initial target lies at 100. 

Resistance: 99.15/20, 99.50, 99.90/100.00

Support: 98.40, 98.10/00, 97.60/50

Chart. H4 USD/JPY





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