Sydney Tokyo London New York
real time forex news and technical analysis
German GfK Consumer Climate

waiting
10.8
expected
10.8
previous

USDJPY breaks above multi year trendline resistance

USDJPY Tech analysis by Simon Kazinsky on 07:06 July 13, 2018 EST


It has finally made it. The pair has been consolidating for a couple of years in the 110 area. Not much has been going on since after the initial ramp up initiated in 2013.

The chart shows a break above the descending trendline that had been capping all previous attempts. A close of the month above 111 will give confidence that this is not a false break.

Around 60% or retail traders are betting against the pair which provides fuel for its journey upwards.

The Japanese yen has always been considered a safe haven as it performs well against other major currencies in times of instability. The fact that USDJPY is breaking above such important resistance indicates we may have to wait a bit longer for the inevitable correction in the stock market.



Comments



[x]