28.11.201312:27 Forex Analysis & Reviews: USD/JPY prints fresh highs. Remain long as 103/104 remain in sight

Long-term review

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Technical Outlook and Chart Setups:

The pair is rising towards 103.30 and 104.50 levels as depicted on daily chart view here. As seen here, prices broke out consolidation cone pattern last week, back tested at 99.60/80 levels and is now towards fresh highs. It is recommended to remain long and reduce risk at break even levels. Immediate short term support is at 101.00 followed by 99.60 and lower; while resistance is seen at 102.50/60 and 103.60/70, respectively. Further higher extensions are 106.00 and up to 110.00 levels. Look to hold long positions for now.

Trade Recommendations:

Hold on to long positions, stop at break even, target open.

Good Luck !

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