USD/JPY unlikely to break above 121 levels – Kshitij Consultancy

FXStreet (Barcelona) - The Kshitij Consultancy Teams believes that it would be near-difficult for USD/JPY to break above 121 levels in the short term due to the multi-decade trend line resistance.

Key Quotes

“The short term trend in Dollar-Yen is range or down. The immediate resistance is near the support zone of 119.70s, followed by 120.70s.”

“We are unlikely to breach above 121, in short term due multi-decade trend line resistance.”

“As mentioned earlier, USDJPY needs more consolidation in these ranges before it can break such long term trends.”