vlad.adrian
Long

USDJPY - In gear for a move

FX:USDJPY   U.S. Dollar/Japanese Yen
675 0 12
The weekly picture is explained on the chart.

The daily chart will be explained here. The yen went through a period of consolidation, and on Friday, the consolidation ended. If I will see a close below 117, I will liquidate my position because clearly I was wrong. Price should not go to 117 in order for me to be right.
I first bought this pair on the double bottom a few weeks ago. After that long waiting period, I added again when I saw that this pair was consolidating even more. Finally, I bought yesterday on the breakout. This long period of consolidation should put up the yen for a big move.
First area that needs to get broken is 122. I do not want to take profits there, because looking at the overbought weekly condition, we should see more than 125 in a couple of weeks.
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