dailypriceaction

USDJPY Tests Confluence of Resistance at 113.00

OANDA:USDJPY   Dolar U.S/ Yen Jepun
From a technical standpoint, I’m only concerned with where each session closes at 5 pm EST. Trading anything else would open the door to false breaks. Look no further than last week’s failed intraday breakouts above trend line resistance.

It’s going to take a daily close (5 pm EST) above 113.15 resistance to extend the current rally. Such a break would expose the next resistance level at 114.35 and perhaps the January to March highs near 115.40.

Alternatively, a daily close below 111.60 would be a major setback for bulls. It would also pave the way for a move toward the August highs at 110.90 and perhaps the short-term pivot near 109.85.

The daily close in concert with the levels I just mentioned will tell the story. Everything else is just noise as far as I’m concerned.

Source: http://bit.ly/2wth9r7
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