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USDJPY: Long term comparison suggests a bullish reversal.

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
The pair has been on a long term consolidation with a 2 year+ 1M Descending Triangle ( RSI = 40.973, MACD = -1.280, Highs/Lows = -2.4468). This study compares the candle action on that pattern on the 1D chart with the same formation on the 1W chart from 1998 to 2007. It is essentially the same Descending Triangle with the MA50 periods behaving in the exact same way.

Currently USDJPY is on the patterns Support and the last bottom before the pattern makes a new Lower High and then resumed the downtrend towards breaking the pattern to the downside.

As a result our current position is a buy with TP = 112.000.





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