USD/JPY Strongly Bullish

Colin Jessup

By: Colin Jessup

The Greenback continued to climb against the Yen again today making this the sixth straight Bullish week in a row. Price fell during yesterday's Asian session but only moderately and began to climb once again when the bell rang in London. From then through to well after the closing bell rang in New York the daily candle continued to move higher closing at 83.073. 10 Minutes after today's BOJ report and price is still slightly bullish, having moved only about 36 pips over the entire pacific trading session. Price is currently trading just slightly higher that the Weekly R1 at 83.13 with almost nonexistent volume. With a clear shot to the Daily R1 at 83.36 and Weekly R2 at 83.91, it is highly probable the pair will see both of these taken out during the UK or USA sessions. If however the Yen recovers some ground look for support at 82.80 and the Daily Pivot around 82.66 with the actual Daily S1 being much lower at 82.24. With little hint of slowing the bulls down, there is a high probability that this pair will retest the yearly high at 85.51 withing weeks, if not sooner.

USD/JPY Daily 3/14/12

Happy Trading!

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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