- According to the most brokers’ data, more than half of the traders are currently in short positions on USDJPY. As a result, we recommend considering only Long trades at this time.
- The number of profitable buyers has exceeded 75%. The uptrend is in its active phase. This confirms potential for a Long trade.
- There is an increase in Buy Orders when the price attempts to move up. We expect a downward movement to eliminate the accumulated buyers. We recommend to set Buy Limit at 108.75
- Price broke through the MVP line and rushed up. We consider this a sign for further USDJPY price increase.
- The first target is at the level of the previous peak - 109.3, and the second one, in case of an active price increase, is at the level - 109.5
Chart & Analyst Comments
