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Long

USD/JPY Medium term Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
48 0 0
USD/JPY             surged to as high of 112.47 last week and break of 110.08 confirms that bullish trend resumption. It is expected to reach 114.19 (100% projection of 101.08 to 110.08 form 105.19) and 117.93 ( Oct             2007 high).
Minor support is around 111.80. On the downside break below will target 111.10 (23.6% retracement of 105.19 and 112.97) and 110.15.
Trend reversal only below 108.70.
Recommendation: Buy USD/JPY             around 112.50, SL 111.78, Target 114.19/117.93.
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