USD/JPY (daily chart) has advanced sharply within its prolonged trading range to reach and tentatively breach its 200-day moving average after the release of better-than-expected U.S. GDP data on Wednesday. This rise extends a steady advance for the past two weeks from a low just above 101.00 in mid-July.Since the beginning of the year, when the currency pair hit a five-year high of 105.43, USD/JPY has gradually drifted lower in an extended trading range with progressively diminishing volatility…
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Buy USD / Sell JPY
USD/JPY Technical Analysis Dollar/yen began the week with a rise from the 101.20 line that provided support. Nevertheless, it didn’t go anywhere fast. Technical lines from top to bottom 104.80 capped the pair during January and with current ranges, looks distant. 104.10, the high of April 2014 is currently a minor line, but should be watched. Below, 103.77 provided support for the pair in January and served as a clear separator of ranges. 102.80 was a stubborn peak during February and is the top…