USDJPY: Major Trend Reversal Ahead?
Strategy: Pending Long
Turning to the weekly chart, we see USDJPY at a pivotal juncture with prices testing above trend-defining resistance marked by the intersection of a falling channel set from the high in April 2009 and a downward sloping trend line in place since mid-June 2007. A weekly close above this boundary may open the door for a major cyclical USDJPY uptrend. Positive RSI divergence bolsters the bullish bias. We will remain on the sidelines for now, monitoring how positioning evolves from here.
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