USDJPY: bounce off support up to structure
Updated
After the severe appreciation of the YEN we are likely to see it bounce back, especially given that there is a level of support in the form of a falling wedge.
I think that it is likely to bounce up to the structural level of resistance as indicated by the horizontal black line.
I see no fundamental reason for a prolonged period of USD strengthening against the YEN.
I think that it is likely to bounce up to the structural level of resistance as indicated by the horizontal black line.
I see no fundamental reason for a prolonged period of USD strengthening against the YEN.
Note
This trade is still on for a long if it breaks above the resistance line of the wedge.
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