USD/JPY….97.52…..Uptrend

by Admin

daily chart

USDJPY: 97.52

Short-Term Trend: uptrend

Outlook:

Last week I outlined two scenarios, one bearish and one bullish. The line in the sand was set at the 95.00 level. USD climbed abv this level and that triggered the bullish scenario. So, I am again bullish here and expect a rise twd 98.90 level and possibly slightly higher. Ironically, this latest move up almost solidifies the fact that the rally from the Sept 2012 low is corrective, which however does not mean it can go much further from here.
On the downside, last week’s low at 92.56 is now critical for the bullish case. A move below there will confirm that a ST top is finally in place…

Strategy: Holding long from 95.00 is favored. Stop=95.00. Target=99.00