USDJPY Might Have Found The Top

May 3

This year JPY hit new lows across the board in last few weeks even though BOJ decided to end its ultra-loose policy, by raising rates for 10bp in March. USDJPY broke higher, out of a triangle on a daily chart, so we know that this is most likely final leg with a higher degree wave III/C. In fact, there was a nice push up to 160 resistance not seen since 1990, which was the area of a current sharp reversal after Japan intervention.

That being said, be aware of a reversal down within a higher degree decline in minimum three waves, which can send the price at least back down to 137 - 127 area.