HouTianTan
Long

USDJPY 16/12/2013

FX:USDJPY   U.S. Dollar/Japanese Yen
110 0 0
This pair has been rallying for the past few weeks and it seems like it is not stopping! On Tuesday (10/12/2013). the pair reached 3 December's high and retraced back to the 0.618 level before hitting a daily high of 103.908. The Yen then ended the week back around the 0.236 Fibonacci level of 103.221. Being a strong believer of Fibonacci retracement and extensions, I would say that this pair would continue its rally to the 1.618 Fibonacci level, which is still some distance from last week's closing. The projected take profit price would be around 104.740 ( Fibonacci Extension Level 1.618).
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