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JPY Trading Outlook (24-08-2015)

Medium Term Strategy: Forex Pair of the day
USD/JPY – pulling back
The pair is pulling back on the lower boundary of continuation triangle pattern. Moreover, the ascending 200-day moving average is coming in support and the daily RSI is approaching its oversold area. Therefore, as long as 120 holds as a support (former horizontal resistance now acting as a support and rising trend line in place since late 2014), targets on the upside are set at 126 (horizontal resistance) and 127.7 (theoretical target of the triangle). A third target is set at 132. Only a break below 120 would turn the outlook to bearish with a first alternative target at 118 (horizontal support) and 115.50 (December bottom) in extension.
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