We are in bullish mode on USDJPY currency pair
Here is the forex forecast and forex technical analysis for USDJPY January 5 2015. Below you will find illustrations forex analysis of USDJPY on various time frame. We tried to graphically illustrate our forex technical analysis for USDJPY so that you can logically understand the significance of our analysis.
USDJPY pair still following our last few analysis. On the monthly chart of this pair we can see that there is a strong monthly resistance at 124.000 price level and we are expecting that the pair will touch that level. So till 124.000 level we will be bullish mode on usdjpy currency pair.
On the weekly chart of USDJPY pair we can see that market bounced back from recent 23.6 fibo level and strongly moving towards our target that is 124.000 level. We dont see any reason for a downward trend.
The day chart of USDJPY shows us a firm upward trend. In fact today at january 5, 2015, just in the market opening we can make a nice entry on this pair and we can easily target for a 100 pip long profit. For long time trade, we can wait till it touch the 124.00 level.
Team YellowFX is strongly bullish on USDJPY currency pair. All the charts such as monthly, weekly, daily and h4 chart shows us a nice indication of further continuation of current bull trend and we will remain bullish till it touches the support level 124.000.