USDJPY: bounce off support up to structure

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.

Yorum:

This trade is still on for a long if it breaks above the resistance line of the wedge.