USD/JPY:The market continues to remain extremely well bid on dips, with the latest surge back above 83.00 really encouraging longer-term recovery prospects and opening the door for a potential break of key topside resistance by 84.50 over the coming days. Longer-term cyclical studies certainly suggest that the market could be poised for a major bullish reversal and we would look for a break and weekly close back above 84.50 to help confirm outlook. Any dips from here should be well supported above 82.00 on a close basis, while only a break and close back below 82.00 would concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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source .. yahoo
source .. yahoo