Currency analyst

USD/JPY: bulls made a large player angry

On the daily chart USD/JPY didn't managed to overcome resistance at 104.24, which lies at the upper border of the descending trend channel. gere is also 38.2% Fibo of the previous descending wave and the lower border of the shorts accumulation range. In the coming days we'll watching whether the large player will defend his positions or not. 

On H1 USD/JPY is forming a widening wedge. reversal model will start working after the pair gets to point 3 (102,8). The following correction will provide a chance to enter short positions targeting at least 102. The break of resistance at 104.24, on the contrary, will allow the bulls to continue rally.


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