The chart shows the USD/JPY movement since the start of the year. It is corrective in nature and is developing as a zigzag. Wave B of it is a triangle which could be already over. If this is the case, one should expect a rise in wave C for a high above 101.44 and my personal expectations are for a movement toward 105.00. A confirmation for such a bullish scenario will be above 98.87. On the other side a fall below 93.85 will make the situation bearish for a new low below 87.11. From a short term point of view I was able to find a level for a relatively close stop loss so I entered long earlier today
Trading strategy: 03:52 EST; 08:52 GMT
Long position from 96.85, stop loss - 95.90, target € open
Trading strategy: 02:50 EST; 07:50 GMT
Buy at market (96.85), stop loss - 95.90, target € open
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.