The USDJPY has made a strong move higher over the previous few weeks. At the time of writing this post price has stalled from this huge move higher and is beginning to wind up. This winding up is a form of consolidation and is very common after a market makes a large move.
On the weekly chart we can see this large move followed by 2 small indecision candles.
If price can break higher with the recent up-trend we could see price move aggressively to the next major resistance around 84.00. Near term support on the weekly chart comes in around 80.510.
USDJPY WEEKLY CHART – 11 DEC 2012