UsdJpy could test 157,50 zone (250 pips rise)
After an impressive 1000-pip drop in two weeks, USD/JPY reversed precisely from an old resistance level, now support at 152.
At this point, we also see a higher low in place, and bulls seem determined to recover lost ground.
In the overall trend, the 1000-pip drop is merely a correction and even if there will be a new leg down toward the important 150 level, a test of the 157.50 zone is probable.
I remain bullish as long as the 152.80-153.00 zone holds intact.
Buying dips below 154 could be a good strategy with a risk-reward ratio of more than 1:3.
At this point, we also see a higher low in place, and bulls seem determined to recover lost ground.
In the overall trend, the 1000-pip drop is merely a correction and even if there will be a new leg down toward the important 150 level, a test of the 157.50 zone is probable.
I remain bullish as long as the 152.80-153.00 zone holds intact.
Buying dips below 154 could be a good strategy with a risk-reward ratio of more than 1:3.
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