USD/JPY - The Key Resistance at 121.75 Has Held Thus Far
The key resistance at 121.75 has held thus far. USD/JPY continues to rise within its range after failing to challenging its recent lows at 120.80 (28/10/2015 low). Lack of technical drivers indicate that range trading should continue. Strong resistance is given at 121.75 (28/08/2015 high). Expected to show continued increase before targeting again resistance at 121.75.
A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) is favored.^A key support can be found at 116.18 (24/08/2015 low).