USDJPY 2015-03-20

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USD/JPY: 121.06

Japanese Yen on uptrend wave – Buy in Dip

Short-Run

Market has tumbled with yesterday Fed and Yellen comments to the levels of 119.

Market still facing resistance at 122.50 zone , However , while still market trading above 120.00s levels more higher level is expected on the Mid-term ; now we have a trading range between 120/122.50 any successful breakout above 121.80 means more advance to expect.

On longer -Term view : we still the uptrend is expected to continue its advancing to more higher levels ( 125/128 )

The market as shown on the chart has retested the broken symmetrical triangle from yesterday move now in case market successfully close higher than 120.20 levels and the re-tested levels the continuation of the uptrend to test the highest levels achieved on the mid-term and even higher levels as mentioned would be the higher probability scenarios

Daily Trend: Up
Weekly Trend: Up

  Support Resistence
Level 1 120.20 121.20
Level 2 119.35 122.50
Level 3 118.20 123.60

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