picatris
Long

The Yen may bounce but the future is up

FX:USDJPY   U.S. Dollar / Japanese Yen
It was not trivial to identify the underlying structure of the present situation, but we can see that current price has been swinging within parallel lines inside a very well defined channel. Currently we are in an up swing towards one of those (weak) inside lines. Although not yet tested, resistance may be present when closing in. If that is the case, down move my be in place, but I would strongly doubt it would pierce the bottom of the channel, as support is quite clear there. Also the MACD momentum appears positive with a lot of room to continue the ascent.

With all this, my position is long. The risk/reward ratio for this trade is quite good, and with the exception of the possibility of catastrophic news, this looks like a great trade
I was expecting a down swing for this week whch did not materialize. What a wasted opportunity!!!
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And another great trade. I will close my position now, as this sub-channel seems to be holding future up moves.
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