USD/JPY Price Outlook: Yen Decision Time as Rally Tests Yearly Highs

The Japanese Yen has continued to trade within the confines of an ascending pitchfork formation extending off the yearly lows with price now approaching resistance just ahead of the median-line / yearly highs. Here are the updated targets and invalidation levels that matter on the USD/JPY charts heading into the start close of September trade. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

USD/JPY Daily Price Chart

USD/JPY Price Chart - Daily

Technical Outlook: In my most recent Weekly Perspective on the USD/JPY, we highlighted a key resistance zone at 112.65-113.27– a region, “defined by the 2018 open, the 200-week moving average and the 61.8% retracement of the 2017 decline. Note that this zone stands just pips from the objective yearly opening-range highs at 113.38.” Price is trading in

Article source: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2018/09/27/USDJPY-Price-Outlook-Yen-Decision-Time-as-Rally-Tests-Yearly-Highs-Japanese-JPY-Chart-Analysis-MBCS.html