Looking to Buy USD/JPY
Right now, our in-house model is keeping us on the sidelines, but we very much like the idea of looking to buy this pair either on an upside break or into a deeper setback. Overall, this is a market that looks to be on the verge of a major structural shift since basing by record lows in the Fall of 2011, and the pair looks like it is attempting to find a fresh higher low above 75.55 ahead of the next major upside extension back through 84.20. As such, we recommend looking to either buy a dip to 78.50, or on a daily close back above 81.00. Look to hold long-term for a move to the 92.00 area. Only exit below 75.00.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.