[B]My picks:[/B] USDJPY limit order to go long at 95.40, against 94.55, target 98.00
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
I wrote last week though that “I want to urge caution as the pair approaches 93.50. With this in mind, bears may want to lighten up.” The rally from 94.55 is in 5 waves and confirms that a larger advance is underway, perhaps as part of the triangle. Short term support from Fibonacci is at 95.40…and a bullish outcome (Yen bearish) is possible as long as price is above 94.55.