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Guest Commentary: USD/JPY Still Sideways But Bullish

Guest Commentary: USD/JPY Still Sideways But Bullish

Eric Morera, Technical Strategist

USD/JPY sideways consolidation continues with a bullish bias. In the previous video update, we recommended buying dips in the pair initially against 95.77 low. That turned out to be a great call and we are now trading 200+ pips higher. Rally from 96.52 appears impulsive so our strategy is unchanged.

We still like buying dips toward 97.40 - 97.73 area from where pair should turn higher at least to equal legs. We need to see the next push higher to see whether triangle is really thrusting higher or consolidation is going to become a bearish triangle. Still many possibilities on the table but shorter cycles are clear and favour buying dips.

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