Technician
Long

USDJPY: Consolidating before Resumption!

FX:USDJPY   U.S. Dollar/Japanese Yen
3058 15 58
Hello Friends,

The USDJPY             looks like it's back to up-trending mode, at least for the short term. After the price managed to maintain a bullish wave with higher highs and higher lows. To settle back above the main 200-days SMA Barrier. Meantime, the price has been consolidating in a rectangle pattern above 122.10-20 support.

Holding above that level keeps the upside favored. with main targets at the next potential resistance levels at 125.00 and 125.80. If we break back below the 200-days SMA currently around 121.50 the bullish scenario may be threatened and we should re-consider it. I will update this analysis in that case. For now, I look for the short term bullish trend to continue.

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Technician

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my thoughts when looking at this chart. Thanks for posting and welcome back.
snapshot
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Glad you're back and posting. Good stuff. :)
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Technician TOP amanpaulbhogal
Thanks mate.
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Great analysis Technician. I am short in this.. I wish you best of luck with your new website.. Make sure you grow the list of subscribers :). This list is gold for those who know..! Best of luck..!!
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Technician TOP Fxprotrader
Thank you mate, and good luck to you too.
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any stop or target? thanks...
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Yeah, i mentioned them in the text. A break below the 200 days sma, 121.50
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marcus123 Technician
Thanks - missed that!
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Thank you Tech. welcome back. My Nikkei225 chart has the same correlation with USDJPY.
Bulls are gonna be back soon, after many bear traps of cause.
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