USDJPY Longterm Forecast And Technical Analysis
We were LONG on USDJPY and we have reached our shorter-term targets.
Latest developments give a sign that the Japanese Yen may not be able to take advantage of the safe haven as it used to be.
Yesterday’s better than expected US June PPI data (0.3% vs. Market Expectations, 0.2%), may already be a catalyst as the central bank policies differ in favor of the USD.
Technically Midterm Overview:
Anka broke the descending trend line. The price is above EMA 50,100 and 200. Cup and Handle Formation is completed. Price closed above the neckline.
If the price ends the week above 111.400 we may see much bullish price actions next week.
Our midterm targets: 113.200 , 114.600 , 116.500 and 117.300 ( The target of the formation )
Of course, we will see minor retracements. We will try to use all possible price actions.
But the overall view looks like the Bullish Move has just started.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
USDJPY: Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.