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Technical Analysis – USDJPY consolidates around 123.00, bullish bias remains

USDJPY has a neutral bias in the near-term, trading in a range between 122.21 and 123.74. After a rise from 118.05 to 123.74 (October to November), the pair has been consolidating just above the 23.6% Fibonacci retracement level of this rise, at 122.40. This is an important support level.

The medium-term bias remains bullish after the rally from 118.05, as long as the market remains above the 200-day moving average and above the Ichimoku cloud. Tenkan-sen and kijun-sen are positively aligned. Also, RSI remains in bullish territory above 50. The failure to fall below 118.00 and a decisive break above the key 120.00 level keeps the bullish market structure.

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