We were LONG on USDJPY and we have reached our shorter-term targets.
Latest developments give a sign that the Japanese Yen may not be able to take advantage of the safe haven as it used to be.
Yesterday’s better than expected US June PPI data (0.3% vs. Market Expectations, 0.2%), may already be a catalyst as the central bank policies differ in favor of the USD.
Technically Midterm Overview:
Anka broke the descending trend line. The price is above EMA 50,100 and 200. Cup and Handle Formation is completed. Price closed above the neckline.
If the price ends the week above 111.400 we may see much bullish price actions next week.
Our midterm targets: 113.200 , 114.600 , 116.500 and 117.300 ( The target of the formation )
Of course, we will see minor retracements. We will try to use all possible price actions.
But the overall view looks like the Bullish Move has just started.
We will publish our trade idea for premium members.