Forex trading analysis: USDJPY tests topside trend line and holds the line

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The USDJPY has moved back above the 120.00 level in trading today, but is running into some  resistance. The pair is up testing topside trend line at the 120.77. The  high reached 120.789.

Forex Trading

Sellers are leaning against that level on the first test.  Will it stall here? At least temporarily.

Looking at the 5 minute chart, the 120.41-50 level is the 38.2-50% of this trend move up today.  Typically in a trend like move, traders will lean against the 38.2%-50% of the move up. Today is still a holiday/end of year trading day, so the confidence in the trend hope may be tested. Plus running into the topside resistance level should be a challenge.


Gary Beal