Since mid-July 2011 USDJPY is consolidating in the area of 75.50-78.25. After arriving near the upper boundary line and downtrend line it bounced down. The decline was stopped around 76.60 in the middle of a large bull candle formed on October 30th.
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| USDJPY - Weekly chart |
After reaching the 76.60 support line USDJPY bounced up. It reached 77.20 level which resulted in a downward correction.
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| USDJPY - Daily chart |
The rate crossed over the downtrend line. Recent strong upward breakout should result in further growth. The nearest resistance is at 77.20. The support line is 76.85. If the exchange rate will remain above the new uptrend line and 76.85 support , I predict breakout above 77.20 resistance. Then a correction is possible, but the rate should not fall below 77.20. Target level for this movement is 77.60.
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| USDJPY - H4 chart |
Trade recommendation:
Buy after closing above 77.20 Take profit level: Target : 77.60 |
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