The USDJPY has been climbing a mountain and that move higher has had new upward momentum since the recent July lows and is getting closer to the next major peak.
However, that journey to the peak slowed in trading last week just as we start to approach the next summit at the 110.00 to 110.65 area. In fact over the last 7 trading days, the market has been somewhat non-trending.
The questions that we face this week is “Do we have enough energy to make those final steps to the next major targets at the 110.00-110.65?”, or “Are we going to start a move back lower?”
As often happens, the charts are showing us some key areas that will make those decision hopefully easier to understand for you the forex trader.
The video outlines those levels that I will be watching for clues to see if the move higher continues or does it stall.
