USDJPY consolidates, scope for upside

February 11, 2015

USDJPY consolidated after a sharp rally from 105.19 (October 15, 2014 to 121.84 (December 8, 2014).

Strong support lies at 115.55 (December 16 low). This level is also the 38.2 Fibonacci retracement of the 105.19 – 121.84 upleg. Meanwhile, below 115.55 would turn bias back to the downside to target 113.50 (the 50% Fibonacci).

Strong resistance is seen between 120.81 and 121.84 to limit upside and bring reversal.

The long term trend remains bullish as long as the market remains above the Ichimoku cloud. RSI has moved back above 50 on the daily and the monthly chart, giving possibility for a resumption of the upside bias.

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