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The USDJPY has been range bound in a tight range of 105 -100.5 since the beginning of the 2014 and half the year is already passed.
I am anticipating a breakout out of the descending traingle with a big trend developing in the remaining 6 months.
A monthly USDJPY chart is showing a very strong support-resistance at 101. 5 and thats why the pair has been testing that level so many times, but with each test the next bounce is getting smaller.
The breakout above 101.5 in december was quickly reversed and the pair is testing 101.5 ever since.
Any risk off situation like Ukraine, Iraq or any economic shock would cause the pair to break below 101.5 and then a big move would take it to 94-95.
However, if USD continues to strengthen, then the pair would again move to 109 by year end.
Trades on all yen pairs would be interesting once the breakout on either side happens.
Check the charts.
I am anticipating a breakout out of the descending traingle with a big trend developing in the remaining 6 months.
A monthly USDJPY chart is showing a very strong support-resistance at 101. 5 and thats why the pair has been testing that level so many times, but with each test the next bounce is getting smaller.
The breakout above 101.5 in december was quickly reversed and the pair is testing 101.5 ever since.
Any risk off situation like Ukraine, Iraq or any economic shock would cause the pair to break below 101.5 and then a big move would take it to 94-95.
However, if USD continues to strengthen, then the pair would again move to 109 by year end.
Trades on all yen pairs would be interesting once the breakout on either side happens.
Check the charts.
