As seen in monthly chart of USDJPY, inverted head and shoulder is formed. Breakout above 127.50/128 with volumes will make it run to multi decade highs.
Likely scenario: With current global inflation, BOJ is forced to abandon its yield curve control strategy, that brings the yen devaluation option to the forefront.
God bless us all!!!
The daily and weekly is in strong buy trend. Going down to the lower time frame the market has just reversed from a bearish to a bullish market. So we are on this trade. We will look for another entry even if stop hits.
USD/JPY - Forming cup & handle pattern and also progress 2nd correction wave, once market will complete its 2nd correction we will expect 3 impulse and also its there may breaks cup & breakout.
USD/JPY started to fall from the 20th February of 2020. Right now, it's trying to reach 102.540 . It has to cross 103.300 - 102.900 to hit 102.540 .
After crossing the 102.540, The trend will march to touch 101.200 . But if it starts to rise by breaking the resistance, then it will hit 104.740 - 105.300 .
