Thursday, January 3, 2013

USD/JPY ~ 3 January 2013

The USD/JPY continued its rally in December:

As you can see we're near the resistance level at 88ish. If the rally stops in this area and the Yen puts in a reversal candle, I'll turn medium-term neutral (I've been bullish since mid October 2012). If that's the case, a correction to 84ish seems likely.