Saturday, June 5, 2010

USD/JPY: Prices Back into the Wedge Rising will Push Prices up to 95.00?

(Click on the daily chart to enlarge it)
Last week prices got back into this major Wedge Rising and, last friday June 04th they did a classic pullback to the broken resistance at 91.42 that now became support. All that, along with the fact that last week closed above the resistance 91.80 favours a possible bullish trend up to 95.00
Therefore there are possible LONG positions above the following resistances: 92.00 / 92.35 / 92.90 / 93.65 and 94.60
Below the following support levels this possible bullish trend is negated: 91.60 and 91.40.