Yen Technical Outlook

Keep it simple – the USDJPY has consolidated for in a tight range for nearly a month now and looks ready to break higher. “After spending nearly a month in a tight range, the USDJPY is poised to break higher and test at least the mid 108s. A 61.8% Fibonacci is at 108.50 and a former congestion area is at 108.30. Although we remain long term bears due to the EW structure on the daily, COT data suggests that a more pronounced rally is possible if not probable.”

STRATEGY: Bullish, against 106.50, target TBD