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USDJPY: Broken Channel Puts Pair Back In Bullish Mode

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Apr 04 2013

USDJPY broke sharply higher which was expected from a technical point of view. Price accelerated strongly after break out of the corrective channel (circled zone). We can see that price made very strong move to the upside in a very short period of time; thats clearly a personalty of an impulse so we think its wave (iii), part of a new five wave rally. Resistance for this wave (iii) comes in around 95.60-96.15 zone from where we could see a fourth wave retracement back to 94.60 area. From a larger perspective it seems that USDJPY is headed back to the highs.




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