JPY Trading Outlook (19-11-2015)

Medium Term Strategy: Forex Pair of the day

USD/JPY – further advance

The pair has broken above a ST declining trend line and above the strong horizontal resistance at 122 and now stands above its moving averages. Further advance is therefore likely with a first target set at 126 (June top). A break above this threshold would call for further bounce towards 127.70 and towards 130 in extension (horizontal resistances). Only a break below the horizontal support at 118 would turn the outlook to bearish with a first alternative target set at 116 (December bottom) and a second one set at 113.40 (horizontal support).
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