A look at the monthly USDJPY
chart shows that we are in the build up of the right shoulder of an inverse head and shoulder formation (since 2003
). We are now testing the support line at the 100 region and may even get to 90 (just my personal guess, but rather 97). Target Ranges in red and green are calculated from point and figure charts. The long term target from inverse shs
formation would be in the range of 170. Since USDJPY
is maybe the most important carry trade this will affect many asset classes...