USD/JPY Weekly Outlook and Trading Idea

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Short-Term Trend: uptrend

Outlook:

The suggested long strategy in our last update has worked extremely well. USD/JPY initially traded near 93.12 Fibonacci pivot level but then rallied strongly at the end of last week. Now, the daily chart remains bullish and overbought. Ideally we will see further gains this week twd the 98.90 Fibonacci level.

On the downside, a move below 93.75 will indicate that at least a temp. top is in place, below 92.90 this view will be confirmed.

Strategy: Holding long from 93.40 is favored. Stop=93.70. Target=98.40.

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