FBS: outlook for USD/JPY
It seems that the ice has finally been broken! This week USD/JPY has finally risen above the symmetric triangle (it seems to be a true breakout this time) and remains under the bullish control.
Dollar touched a fresh 6-week high of 100.45 yen on Friday on the improved risk sentiment. What is now really important for the dollaryen pair is to close the week above the 100.00 mark. For now the greenback looks well-supported.
The next resistance for USD/JPY lies at 100.60. We concede that this level could create some hurdles for the price. Buying USD/JPY from 100.65 with a target of 101.55 and a stop at 100.30 could be a good deal for the next week. Next support lies at 100.00, 99.80 and 99.10/00.
Chart. Daily USD/JPY