alientrader
Long

Trend ride till exhaustion and possible reversal from

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             is up and rallying, the long term and short term pictures are heading north backed up by fundamentals on both currency pair components the USD and JPY. Our entry setup is pretty simple it's a buy on pullback at first support or in between the 20 and 50 periods hourly moving average (both valid entry zones).

Target is found at 107.31 and SL is right below 106.305 at 106.14 to avoid easy stop hunting.
It just hits the target this morning, what do you think for next? Reversal or 107.6?
Reply
Hi GohSam,

Well now the technical picture call for long term resistance at this level however from what I see, the price action is firmly bullish. The price failed the first breakout attempt but the reversal resulting from that was really weak which means that there are not a lot of sellers at this level. I don't think the resistance will hold for long a breakout of the latest would pave the way to 108.97 in a first time and then 110.82 in a couple of days. Let's wait and see what happen with the London opening that should bring some volatility to the market.
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