FX.co ★ USD/JPY: upside continuation

USD/JPY 135.07 Obstacle!

The USD/JPY pair extended its growth and now is trading at 135.06 at the time of writing. The uptrend line represents a downside obstacle. As long as it stays above it, the rate should resume its growth.

Failing to come back to test and retest the uptrend line signaled strong upside pressure. The former high of 135.07 represents an upside obstacle. The 134.71 historical level represented an upside obstacle as well but the rate climbed above it signaling strong buyers and a potential continuation.

USD/JPY Trading Conclusion!

Passing and stabilizing above 135.07 activates further growth and is seen as a new buying opportunity. An upside continuation could be invalidated only if the rate drops and stabilizes below the uptrend line.