There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/JPY reached buy target 112.00
- USD/JPY reached buy target 112.00
- Next buy target - 114.40
USD/JPY continues to rise after the earlier breakout of the resistance level 112.000 (which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 112.00 led to the subsequent breakout of the resistance trendline of the daily down channel from last December. USD/JPY is expected to rise to the next buy target at the next resistance level 114.40 (top of the previous minor impulse wave 1 from May and the target price for the termination of the active impulse wave (iii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.