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USDJPY – Pushing Against the Support

Razvan Mihai

Analyst

During the Asian trading session the USD had pretty nice rally against the Japanese Yen. During the last several hours, the price of this pair has been drawing a range move, similar to a descending triangle. A break below the support line of 119.90 could signal a pullback for the US dollar, targeting the next local support from 119.55, or even the low from 119.22.

On the other hand a break above the upper line would be a bullish signal, which would tell traders that the greenback is aiming for 120.50.

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