totalMarketTraders
Long

USDJPY - Long term Long Idea

FX:USDJPY   U.S. Dollar / Japanese Yen
This is a Monthly chart of USDJPY             , this one has caught our eye the most as it has broken out of a major long term downtrend back in 2014 and since hasn't looked back until now, this lines up perfectly as a potential value zone where big money may look to step in.

Technical Reasons:

1. Break and retest of a monthly trend line as support.
2. Key area support of 102.000
3. Fibonacci retracement 0.5
4. Bullish trend from 2012.
5. RSI is in Oversold territory.

Some potential positive Fundamentals for this trade are:

1. YEN - BOJ may want to cut their rates or introduce more stimulus as a strong YEN (Due to potential safe haven status) is totally against what the Bank wants.
2. DOLLAR - FED 'May' hike their interest rate but its unknown as to how likely this is.
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