Strategy: Pending Long
The USDJPY weekly chart suggests a major turn higher may be starting to take shape, with prices carving out a bullish Falling Wedge chart setupsince August of 2008. A Bullish Engulfing candlestick pattern bolsters the case for an upside scenario. However, we’ve seen similar setups prove fruitless several times now over recent years and so will opt to remain on the sidelines until the pair conclusively breaks the wedge top, now roughly defined at 78.60.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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