USDJPY still ranging, time for another long

11 Jul 2014

Awaiting confirmation on a shorter time-frame (strong hammer rejecting the 88.6% fib and the support level or an engulfing candle in the 1 hour or 4 chart), in my opinion it's time for another long in USDJPY with the 1st target around 102.300 and the 2nd target around 102.700. Depending on the economic data coming on the following 1 or 2 weeks, this might be the swing that breaks the 102.700 resistance level for good and it's a long position to hold for a longer term period.