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Daily Forex Technicals |
Written by Forex.com |
Mar 28 11 17:17 GMT
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USD/JPY Testing Triangle Breakout Level
March 18th's historic coordinated intervention has so far succeeded in capping further yen appreciation. USD/JPY has rallied about 5 big figures to test key resistance into the triangle consolidation breakout level around 81.75/00. The technical picture seems to be picking up 'bullish USD' steam as the RSI indicator has broken above its declining trendline (see chart below). However, price has yet to confirm the RSI break with 81.75/00 appearing to be the next key topside pivot as it sees the convergence of the aforementioned triangle consolidation breakout level with bull flag resistance (measured move objective targets 82.25). Immediate support lies into recent range lows and the 21-hr sma around 81.50/60 (see inset chart) which keeps the short term technical bias to the upside as long as prices sustain strength above. Above 82.25 sees significant resistance into 83.75/00, a key daily pivot on numerous occasions over the past 6 months.
Key Levels
- 83.75/00 - Key daily pivot & 200-day sma
- 81.75/00 - Triangle consolidation support & now resistance
- 81.70 - Current Price
- 81.50/60 - Recent range lows & 21-hr sma
- 81.00 - Key daily pivot
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Forex.com
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