FX.co ★ USD/JPY new uptrend

USD/JPY At Resistance

The USD/JPY pair turned to the upside after failing to come back down towards the 130.63 former low. Its failure to make a new lower low signaled exhausted sellers and a potential upside movement.

Personally, I've drawn an uptrend line which represents dynamic support (downside obstacle). As long as it stays above it, USD/JPY could resume its growth and could approach and reach new highs.

USD/JPY Forecast

The 135.35 former high represents an upside obstacle. Staying above the uptrend line and jumping beyond 135.35 could activate more gains and could bring new buying opportunities.