stephenleachman
Long

USD/JPY DAILY ANALYSIS (MEDIUM TERM OUTLOOK)

FX:USDJPY   U.S. Dollar / Japanese Yen
331 0 10
Looks like we are going to close the day breaking through some key resistance levels. A 100% Expansion of Aug lows to Sep highs back to Sep lows and the top of a rising channel . This is also after a breakout in Oct of a descending trend line that's been resistance for all of 2016. Also we are above the 100 DMA and RSI just closed above 60 showing bullish momentum for the first time in 2016. Over all bias is bullish and can see resistance at 106 and 107 but we do have room to run to the 200 DMA which sits just above 107 that will be a key level of resistance.
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