Over the past few months we have seen price hit major resistance and retrace to retest the major bearish trend line
. Over the past 2 weeks price has tested and failed to break through this bearish trend line
suggesting price is ready to continue on its bullish
run. In addition, recent news about the BOJ increasing stimulus will surely impact the Yen negatively allowing the US DOLLAR
to gain strength.
We predict price will break through the read resistance bar and continue to retest monthly highs. Risk to reward ratio of 7.2