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Buying into USDJPY Strength

Buying into USDJPY Strength

David Rodriguez, Head of Product

The USDJPY has finally broken out of its 6-month consolidation pattern, and past experience leads me to believe it will likely continue higher. The only thing that matters in trading is of course price and time, and timing is often a bit tricky with the Yen.

I would like to buy as long as the pair remains above congestion at ¥122 with initial targets at multi-decade highs of ¥124 and ¥125.70. A minimum of 1:1 reward/risk on the trade implies that the entry becomes valid at ¥123 and ¥123.85 for each of these respective targets. Only a daily close below ¥122 would negate my near-term bullish bias.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.