Looking to Buy USD/JPY
The market is doing a good job of showing the potential formation of a major cyclical bottom after closing above the weekly Ichimoku cloud for the fist time since July 2007. This further solidifies basing prospects and we could be in the process of seeing a major bullish structural shift that exposes a move towards 85.00-90.00 over the coming months. Shorter-term studies are however unwinding from overbought and as such, we will look to take advantage of dips back to 80.00 to establish a fresh long position in the major currency pair. We will only look to exit on a weekly close back under previous resistance now turned support at 78.00.
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