Technical Analysis/USD/JPY

USD/JPY session outlook: Might pause for breath again near 83.20

     USD/JPY traded in a tight 40 pip range between 79.20/60 before the current explosive bull move got underway and it’s had one period of consolidation since then, a 40 pip range between 81.00/40. If history repeats itself, which it often does, then we can expect another period of consolidation to occur near 83.00. This would make sense as there is some secondary trendline resistance near 83.20 (85.55 through 84.15) which should slow momentum down. Stochastic indicators are heavily overbought, another signal favouring some periods of consolidation.

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