USD/JPY – Weekly Technical Analysis (01.09.2014-05.09.2014)
Although the 104.10 resistance has not been breached by a daily close above it yet, we favor a bullish scenario for USD/JPY. This week we expect the pair to break through the aforementioned level and head toward the crucial 105.40 resistance.
In case 104.10 holds, the pair is expected to reverse its direction and slide toward the 103 support. This would turn the outlook to neutral again, and the USD/JPY could continue its range-bound trading, which has been in place for the last 6 months.
