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    USD/JPY: established up-trend probably resuming

       
    The pair is in a mini-up-trend after reversing and moving higher at the July 8 lows. This could be part of a broader resumption higher in line with the longer-term up-trend.

    USD/JPY has almost reached the 124.40 target I identified in my previous analysis; not far above is the R1 monthly pivot at 124.91.

    Whilst the up-trend is likely to extend, I would Ideally want to see these levels cleared for confirmation first, with a move above R1, including a 20 point margin of confirmation – so above 125.11 – probably confirming a rally up to the 125.85 highs.
    USDJPY174hr

       
    The pair is in a mini-up-trend after reversing and moving higher at the July 8 lows. This could be part of a broader resumption higher in line with the longer-term up-trend.

    USD/JPY has almost reached the 124.40 target I identified in my previous analysis; not far above is the R1 monthly pivot at 124.91.

    Whilst the up-trend is likely to extend, I would Ideally want to see these levels cleared for confirmation first, with a move above R1, including a 20 point margin of confirmation – so above 125.11 – probably confirming a rally up to the 125.85 highs.
    USDJPY174hr


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