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Forex technical analysis: USDJPY extends to NA session highs

Discussion in 'Technical Analysis' started by ForexLive, May 31, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Stocks are up. Data a little better The USDJPY has been up and down in trading today - consolidating the rally started on Friday. Looking at that move higher (see hourly chart above), the pair corrected short of the 38.2% of the move up at the 110.688 level (the low reached 110.79). The London session low bottomed at 110.88. The high today fell short of the peak from yesterday at 111.444. Yesterday the high stalled near a topside trend line connecting highs going back to May 10. Consolidation between bull pennant levels.

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