Get started
olly_price

USDJPY: bounce off support up to structure

Long
U.S. Dollar / Japanese Yen (FX_IDC:USDJPY)  
olly_price Updated   
FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
USDJPY yen japan support Support and Resistance Falling Wedge breakout range tramline Fundamental Analysis Technical Analysis longsetup buy
3
0
usdjpy yen japan support supportandresistance fallingwedge breakout range tramline fundamental technicalanalysis longsetup buy
After the severe appreciation of the YEN we are likely to see it bounce back, especially given that there is a level of support in the form of a falling wedge.

I think that it is likely to bounce up to the structural level of resistance as indicated by the horizontal black line.

I see no fundamental reason for a prolonged period of USD strengthening against the YEN.
Comment:
This trade is still on for a long if it breaks above the resistance line of the wedge.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.