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USD/JPY – Can Trend Line Support Continue to Hold?

ForexMarketz May 11, 2015 Technical Analysis Leave a comment 725 Views

USD/JPY (119.846)

  • Resistance Levels: 120.80, 121.54, 122.30
  • Support Levels: 119.30, 118.80, 118.01

The USD/JPY fell lower for three straight days. The fall has apparently ended as the US Dollar found support at the trend line support and bounced higher. Please see the below daily MT 4 chart.

Daily MT 4 Chart

The USD/JPY lost ground after touching the key ¥120 pivot. A daily close back above 120.80 will challenge the technical resistance at 121.54. A daily close below the trend line support at 119.30, former resistance, will see the USD/JPY challenging the technical support at 118.80.

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