Yen Technical Outlook

We wrote Friday that “price could be putting in an important bottom just below 107.00. Price is supported by a trendline drawn off of the 1/23 and 2/4 lows. The decline from 108.35 consists of 2 equal legs as well (a common trait for a correction).” We expect the rally to continue and for the USDJPY to test the 110 area in the next few weeks. Potential support is at 107.60.

[B]STRATEGY[/B]: Bullish, against 106.73, target TBD