erillmann96
Long

Potential LONGS USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
Price has consolidated above monthly support at 112.00 with the weekly chart showing a strong hammer candlestick pattern signaling a reversal is soon due. Along with daily showing us a morning star pattern and bullish engulfing patterns, with a break above the daily trend line shown we are potentially looking at at 117.000 being the target as key weekly and monthly resistance. I am not a huge fan of indicators at all but we also see a clear upswing in the RSI and has potential to go further following a confirmation in price. Threw a Fibo at the end of this analysis ;)
My entry will be a confirmation above the fibo level... 114.110 then to be safe
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