Technicals | Nov 15 2013
Rallying from 77.13 to 103.76 in nine months, the USD/JPY was due for a pause, and a triangle corrective holding pattern has formed over the past six months. The Wiz believes that the correction is over and we have broken out to the upside again.
Weak data from Japan this week has put a signal to the market that more BOJ intervention could be on the cards, and if so we may see the USD/JPY push up to target 105.00-106.00 VERY QUICKLY.
We have a very bullish macd and the fast line (used for picking market turns) has snapped up.
Adding all the fundamental and technical information together give a bullish run for the USD/JPY in the making, the Wizard says.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's and not by association FNArena's (see our disclaimer).
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