USD/JPY – Rising Trendline Holds up Bullish Price Action

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By Fan Yang | February 6, 2013 2:30 AM EST

Forex Technical Update

USD/JPY 4H chart 2/5/2013 9:15AM EST

Trendline: The 4H USD/JPY chart shows a market that has remained bullish throughout the year. Since the later part of January, the bullish trend seemed to have picked up steam as price pushed above 93 to start this week. After a quick correction during the 2/4 session, USD/JPY respected a rising trendline, and pushed to new highs, not seen in 2.5 years.

Don't call a top: Momentum in the 4H chart remains very bullish and the moving averages in this time-frame are also in bullish alignment. Seems like there is still some ways to go. As always with strong trends, don't try to call the top. You will know the market has topped when it shows you, but we are not even seeing a lower high, or lower low these days in this 4H chart.

The 2010 high is around 94.85. Maybe then we will see some  reaction from supply-resistance.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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