Forex Analysis : USD/JPY

A huge move for the Yen last week, the key resistance and game changing level is 84.81, and when surpassed will give a target of 86

Trade View

• That the Yen softened is of no surprise, but last week’s move was beyond expectations, and may mean there needs to be some consolidation before a move beyond the 84.81 resistance will be forthcoming.
• Given Friday’s huge move from 83.16 to a closing price of 84.09 there is little actual support until 83.75 then back at 83.20-83.30. This paves the way for strong volatility again, and if indeed there is a wild swing down to nearer 83.20, a long position may tempt some.

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