We contend this is a market that is now in the process of carving a significant longer-term bottom after posting record lows by 75.50 in 2011. As such, the latest pullback from yearly highs by 84.20 is classified as corrective and the market is in the process of looking to carve a fresh higher low. Our recommendation is to look to buy either on a dip to the 200-Day SMA by 78.50 or on a break back above 80.60. Once triggered, look to hold the position for an eventual break back above 84.20.
Looking to Buy USD/JPY
Mon May 21 11:01:00 GMT 2012