Long USDJPY Favored | 150-Week SMA Key Resistance

31 May 2016

• Despite the bullish pressure from the beginning of the week, there has been no H4 Close above the 150-Week SMA.
  
• Continued failure at this point and price will likely be pushed back down to 110.600 Pivot / Previous Resistance / 50% Fib of the Wave A-B on Chart (Wave labels are arbitrary in this case).
  

Strategy:

• Wait and See approach for now. A H4 Close above the aforementioned level and a Long Position will be established targeting 112.500 as part of the measured move.
  
• Otherwise, the pair may catch a renewed Bullish bid at the 110.600 Level.
  

31 May 2016

Not

Still no H4 Close above 111.200.
At this rate I might Short until next support.