In yesterday’s market commentary we posted about the USDJPY forming a small Pin Bar on the daily chart that was formed at the near term support. To read this post see here: USDJPY Daily Pin Bar
After posting this setup price moved higher breaking through the high of the Pin Bar and gaining momentum to once again test the near term resistance level. At the time of writing this post price is looking to continue the move higher and looking like attempting a break out higher.
If price can break out through this resistance, we could see another large leg higher into space. Price Action traders could watch this current resistance level for opportunities to get long with the current up-trend, should price break out and then retrace to the new support area. See the chart below:
USDJPY DAILY CHART – 25TH JAN 2013
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