USD/JPY - a significant breakout

It seems that the Japanese Yen has been strengthening since the beginning of September. The USD/JPY currency pair has broken key support levels at 105,78 and at 105,10. As a consequence, the market has reached the lowest levels in two months.

From the technical point of view, the broken support at 105,10 could be a potential resistance right now. It seems that only a move above that level may change the sentiment from bearish to bullish.

The next nearest possible target for the Yen buyers may be set by the lower limit in a downward channel and by the low from July at 104,18.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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