USDJPY: Hit the 1M Support. Long term Buy Opportunity.

USDJPY is trading sideways since August 12 after finding support initially at 105.000. This week it dipped marginally lower and tested the 104.550 1M Support. These levels have provided Support already twice within a 1.5 year span. The current neutral trade and consolidation on 1D (RSI = 47.471, Highs/Lows = 0.0000) is most likely the pricing of the new Support base in preparation for the next multi month bullish run.

A similar sequence took place in 2018, where USDJPY again rebounded off the 1M Support (104.550) and initiated a bull run that peaked on the previous 12-month top. With the 1D candle action almost identical there is every reason to believe that a similar pattern will unfold. The previous top is around 112.000 and this is our Target for the upcoming bull run.




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