Currency analyst

USD/JPY: the end of the long-term bearish trend

On the USD/JPY daily chart, a breakout of the upper boundary of the downward trade channel has become a signal of the end of the bearish trend.There is a great probability that the US dollar will continue its rally. The first target of the Gartley pattern is located near the 105.8-106 marks. There is also a level of 78.6% Fibonacci retracement from the XA wave. The levels of 103.5 and 104.45 should be used as interterm target. 

On the hourly USD/JPY chart, the breakout of the upper boundary of the downward trade channel followed by the successful test of the resistance line at 101.9 will allow us to open long positions. At the present time, the main strategy is to buy at the rebounds towards the support line located at the 102.7 and 102.2 levels.

Recommendations: hold long position, SELL 102,2 SL 101,65 TP1 103,5 TP2 104,45

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