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Forex Analysis: USD/JPY Rally Targets Above 92.00

By , Currency Strategist
04 January 2013 10:55 GMT

Strategy: Flat

Long-term positioning appears to suggest prices completed a major bottom in December, confirming the formation of a large inverse Head and Shoulders pattern carved out over the course of more than two years. The setup implies a measured upside objective at 92.64. Near- to medium-term positioning is inconclusive after weeks of near-parabolic advance however and we will wait for something more actionable to emerge before entering a trade.

Forex_Analysis_USDJPY_Rally_Targets_Above_92.00_body_Picture_1.png, Forex Analysis: USD/JPY Rally Targets Above 92.00

Monthly Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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04 January 2013 10:55 GMT