USDJPY Daily View

USDJPY is still trading inside the major bullish channel between 106-109 for the last couple of weeks; there are lot of traders and analysts looking at the 109 resistance line to break in order for the pair to have a significant move towards the 112 area. Conversely the resistance is also a good place to try opening short positions with tight stops just above the resistance level. USDJPY is still trading inside the major bullish channel between 106-109 for the last couple of weeks; there are lot of traders and analysts looking at the 109 resistance line to break in order for the pair to have a significant move towards the 112 area. Conversely the resistance is also a good place to try opening short positions with tight stops just above the resistance level. We advise patience until the price action on the larger timeframes starts supporting a stronger move.

[NP][/NP]