The USDJPY pair has finally ended its sideways consolidation that started last May. Many people were talking about the bullish potential but how many did really put their money were their mouth is? Here at Trading2day we’ve been bullish and have shown our building of a long position since 98,25 and gradually adding to it as prices started to break resistance levels. Our view was bullish and we believe that this huge sideways triangle was just a wave 4 correction and now we should see a wave 5 upward move to complete the sequence.
From a technical point of view, prices have formed a bullish pennant that is now breaking upwards. Both technical analysis and wave theory have the larger triangle base as the measure of the expected ending of the breakout.
In the following monthly chart not only do we show how high the break out could reach, but also what happens when prices make monthly closing highs above previous resistance levels. We believe we are in the final stages of the huge upward move in USDJPY and we still have more upside potential in this move that has just started.
Our view here at Trading2day is bullish and all of our subscribers have been promptly informed regarding this bullish potential with several newsletters and tweets that are available only for our subscribers.
Thank you for taking the time to catch up on my thinking.