USD/JPY decisively pieces and closes above both its long-term trendline and key upside obstacle in the form of the 147.24 October 3 high.
USD/JPY decisively breaks above a critical level in a bullish sign. It may also have completed a three-wave correction of the medium-term downtrend with more bearish implications. This lends credence to the bullish view and suggests a possible continuation of the short-term uptrend to a tentative target at the next key resistance level of 149.40, the August 15 high.
40 would provide more confirmation of an extension of the short-term uptrend higher, with the next target potentially at 151.09 and the 200-day Simple Moving Average . Yet bullish enthusiasm should be tempered by the possibility that USD/JPY may have formed a three-wave “abc” corrective pattern of the medium-term downtrend during July. If so, the pair may start to decline again as the longer-term bearish cycle starts to take hold.
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