Sforex

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
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