This chart is part of my uber long term idea on USDJPY.
Straight to the case: Long in the current situation.
Target: 120
When: Middle of September (at earliest)
Why:
- Break out on the descending wedge.
- This is the last leg inside the wedge.
- Target suits well on my long term view on USDJPY (Hitting the upper line on the global descending wedge - The blue dotted line).
Straight to the case: Long in the current situation.
Target: 120
When: Middle of September (at earliest)
Why:
- Break out on the descending wedge.
- This is the last leg inside the wedge.
- Target suits well on my long term view on USDJPY (Hitting the upper line on the global descending wedge - The blue dotted line).
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My long term view:
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Make sure you move the stop loss! 111.40 should be a suitable one.
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A close-up on the first coffee break: