USD/JPY near the bullish trend-line – Varengold

FXStreet (Barcelona) - The Varengold Bank Research Team gives the technical outlook for USD/JPY, noting that the pair is near the bullish trend-line on the daily charts.

Key Quotes

“…..the USDJPY is technically in a very interesting situation as the pair in close to touch the bullish trend-line initiated in January 2015 (daily chart)”

“If this line is crossed, the pair could easily drop forward, identifying as the 118.21 and 116.78 as important supports to be considered.”

“However, if the pair continues its current trend, the highs around 121.70-121.85 reached previously should work as resistance.”