themarketzone
Long

Strong rally from 100 - where can it reach?

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             had a nice run following Yellen's speech at Jackson Hole and my bullish trade that was entered near 100 is now up more than 200 pips.
There were few reasons I chose to go long USDJPY             last Friday:
1. Psychological level (100)
2. Weekly structure zone
3. Re-test of broken downtrend line (weekly) - Support
4. Re-test of the bottom of a trading channel (see green dashed lines).

See video explaining the setup - http://goo.gl/TJfJQW

The 50 days MA line is the first target zone and the price is very close to reach it.
It may create a small pullback that will perhaps allow another bullish entry near 100.5-101, but I think that the bullish run is far from over.
Next target zones - Top of the trading channel and later the 200 days MA line.

Tomer, The MarketZone
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