Recommendation: BUY
Current Trend: Sideways on all main timeframes.
Strategy: Go long the USD/JPY at current levels.
TRADE SUMMARY
- The USD/JPY reached our downside target from the last time we recommended it (short) and it’s since bounced off line 4 support nicely.
- Right now it’s forming an inverse head and shoulders (s-h-s). It is more clearly visible on its line chart (not shown). I've ignored the spikes on its candle charts above. It is breaking out above the neckline (line 3).
- Go long the USD/JPY at current levels.
- Minimum target is up to 114.00, based on the inverse H/Sh. Take profits there. Further potential is to line 2 at 114.35. (From there one should look at shorting it again).
- The stop-loss for now is a close below 111.60. Once it gets to 113.60, raise the stop to your entry point (breakeven). And from 113.85 raise it again to a breaking of its prior one-day low.
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