USD/JPY: Outlook Remains Positive
Jason Sen | Aug 06, 2014 03:46AM ET
The USD/JPY has started a new bull trend after breaking a 7 month continuation pattern. Outlook remains positive despite overbought conditions. Immediate resistance at 102.60 then June highs at 102.80 before last week's high at 103.05/08. A break higher certainly not out of the question this week. Be ready to ignore the overbought scenario and look for a move towards 103.50/55.
Trend line support at 102.30 is an excellent longer term buying opportunity. Only a close below 102.00 would be of concern and signal a false break higher last week.
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