Quote:
Originally Posted by strategist
Contrary to main dollar pairs, I see JPY reducing versus dollar. Possibly, this is caused by a swap trade mentioned earlier in the general view at the market, but technically such picture is being drawn unambiguously.
The pair has broken the descending weekly “E-E+” trend, breaking of which gives the target of growth at 116.05 and, strategic, at 120.55 (possibly unreal). If pair manages to break the “F” trend, the growth will continue to 116.05, wherefrom the correction to 113.95 is possible in future. Breaking of the side “a-a+” trend amplifies the potential of breaking the “F” trend and gives the pair an ascending impulse.
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I see exactly that on the USDJPY daily chart, with the pair's break above 114.00 and its falling trendline opening up a (thus far intraday) break above its 100-day SMA. If the pair manages to close above this mark, I woul dlook towards your 116.05 as the next bull target.
