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USD/JPY Awaits Break from the 101.83 – 102.75 Consolidation Range
After a strong rally last week, the USD/JPY has been quiet this week, though it did make a new high to 120.75. But since then it has established a consolidation range between that resistance and support at 101.83. The 5/16 session saw the market failing to push above and then failing to push below. As far as momentum, the 1H chart shows bullish momentum maintained as the 1H RSI reading held above 40. A push back above 60 at this point should reflect bullish continuation. Breakout scenarios: A break above 102.75 opens up about 90 pips higher when using the width of the range as a projection. This would also be the ... (full story)
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