USDJPY pair has already completed an eventual Bat pattern and now moving to an important reversal zone between 120 and 122. I will look for placing mid-term shorts at this zone, targeting 82 in the next 6 months.
Will place my SL order above 2015 maximum of 125 and TP1 at 100, with TP2 at 82. Please notice if a price tags 122.795, the pattern is invalidated and the scenario is cancelled.
In general terms, in my opinion, Yen will be the best G7 currency for trading in 2017, probably only the Canadian Dollar will be able to compete on Risk/Return.
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An alternative for long-term run. Normally, once the wedge is broken, price tends to get to the starting point of the wedge
@menyuken, not that crazy if we try to apply "fundamentals". There is a huge carry trade ongoing, when it starts to close (which should happen soon), Yen can easily break 100 ish. Same than last year.
menyuken
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@captain_smollett, oops, many thanks for sharing the inside, i will keep an eye on USDJPY. Thanks again!