USDJPY: Test key point. what next ?

FX:USDJPY   U.S. Dollar/Japanese Yen
221 0 5
USDJPY             had a great move last week. Thanks to BOJ.

The question is does USDJPY             maintain the bullish momentum ?

We can't ignore the fact that world's economy is in turmoil with many problems which still not have solution.

Hence, investors still choose Japanese Yen             as a good destination for safe haven place.

USDJPY             now stops at key point I show on the chart. That is convergent point of Kumo cloud, SMA200 and long term trend line ).

It needs a strong catalyst to break this point, so I don't think USDJPY             could break it.

From 116 to 121.60, it's 560 pips. I think U/J would retrace after a big move. However, it's a chance to buy in dip.

My vision is:

- IF USDJPY             indeed breaks 121.60, the door to next resistance at 123.60 will be opened, we will position U/J to that level.

- On the other hand, I think we should BUY Limit at 120.30 or lower at 119.70
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out