Last week I discussed a potential USDJPY long opportunity.
The pair was testing the 2015 trend line near 109.30, and given the bullish momentum, the market looked ready to break higher.
Last week’s 109.68 close appears to have done just that.
Today’s session tested the 109.30 area as support and is holding above that area for now.
I have to favor additional upside for the USJPY as long as it stays above that 109.30 area on a daily closing basis.
As I mentioned last week, the next key resistance area is 112.00.
That’s also the 2020 high, so I do expect sellers to defend 112.00 if tested.
Alternatively, a daily close below 109.20 or so would negate the bullish outlook.
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