Richard Perry
Independent Analyst
USD/JPY
Is this time different for Dollar/Yen? We have been concerned that the original break above 109.70 had begun to stall in a similar fashion to so many previous attempted breakouts. However, the bulls regained their strength yesterday to post a decisive positive candle and this morning 110.20 is being breached. It should not go unnoticed that this is also coming as the RSI is pushing above 65 (so consistently around where the bulls have faltered since September). It would mean that this move is being confirmed (if seen on a closing basis). After Wednesday’s low (at 109.75), the 109.70 breakout is being left as support now and is increasingly important to hold. A close clear of 110.20 would be a significant move and open the upside for 110.65 (the May high).
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