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Talking Points: <\/p>\n
The US Dollar appears poised to test two-month highs above the 114.00 figure against the Japanese Yen after prices extend a three-week rally. The pair has broken resistance guiding the broad down trend since mid-December 2016, hinting that a major upward reversal may be in progress. <\/p>\n
From here, a daily close above the May 11 high at 114.37 opens the door for a test of the 38.2% Fibonacci expansion at 115.44. Alternatively, a reversal back below the 23.5% level at 112.65 sees the next downside barrier at 111.86, a former resistance level now recast as support. <\/p>\n
Seemingly attractive risk\/reward parameters reinforce a compelling technical setup and a long USD\/JPY trade has been activated at 113.09, initially targeting 114.37. A stop-loss will be activated on a daily close below 112.65. Profit on half of the trade will be booked and the stop moved to breakeven once the first target is met. <\/p>\n
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USD\/JPY Strategy: Major Trend Change in Progress? - DailyFX<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" To receive Ilya's analysis directly via email, please SIGN UP HERE Talking Points: The US Dollar appears poised to test two-month highs above the 114.00 figure against the Japanese Yen after prices extend a three-week rally. The pair has broken resistance guiding the broad down trend since mid-December 2016, hinting that a major upward reversal may be in progress Continue reading