USD/JPY: REVERSAL OF TREND UNDER CONDITIONS
LONG TERM: The pair has for the last 5 years stayed in a bear trend,approaching long term support levels.As soon as it stays above the 101.00 level we are assuming the beginning of the creation of a reversed head and soulders formation,something that will be proved after the approach and the upwards break of the 125.00 area.
SHORT TERM: We stay on our point as described in last analysis:”Trend remains bullish,upwards break of 127.30 activates opening of new long positions (128.30) aiming 134.80.Stop loss at 127.30.We can change the stop loss at the break even point (128.30)”.We can now (130.10) take profit (1.80$).We can also enter short (130.10) aiming at least 127.50.Stop loss at 132.00.
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