USDJPY 2015-05-21

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USD/JPY: 120.05

Japanese Yen consolidate further – breakout soon to catch up the market movement

As market has recorded a higher price over 120 yen per us dollar ,succeeded to confirm breaching, and as we mentioned in our last technical update, this breach leads the price to achieve positive targets that mainly begin at 121.50. the upward for the longer term view is more probable , however , the market of this pair is also trading in a range awaiting more data to decide its mid-term course of action – so we do expect and see a range market sloping upward on the short-view as long as the market is trading higher than 117.80 . However , 121.50 considered the major mid-term resistance ( Penetrated it already ! ) would push the market further upward, noting that breaching this level positive to extend gains to reach 124.00 levels Initially.

On the longer -term : still the bull wave in effect as long as market is trading higher than 115 levels , targeting 125/128 levels – buying in dip would be the most strategy used by the markets on that pairs on the long targeted investment choice.

The chart analysis provided for mid-term view

Daily Trend: UP
Weekly Trend: Up

  Support Resistence
Level 1 118.80 121.50
Level 2 117.90 122.80
Level 3 116.50 123.20

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