USD/JPY Technical Analysis Forecast

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A sharp reversal in USDJPY to end the week following early attempts to move above the 81.45 region. Despite Fridays fall, the outlook remains bullish with indicators looking higher.

Support comes in from a rising trend line which have been forming over the last few weeks and the 20 day SMA. While this support could be broker, we would see support at 80.00 proving a difficult level to overcome. Only a break below here and in the next instance, 0.7956 would invalidate the current bullish outlook.

Looking higher resistance comes in again at 81.00, with a break of 81.45 opening the potential for further gains towards 82.20 (which also coincides with the 20 day SMA.

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