USDJPY SHOWING SOME VERY BULLISH SET-UPS PRIOR TO NY TRADING. IT HAS SHOWN RESISTANCE OFF THE PARALLEL TREND CHANNEL FROM PREVIOUS SWING HIGH PRICE OF 110.00. USDJPY ALSO BROKE A WEDGE PRICE PATTERN ,FORMED A MORNING STAR REVERSAL CANDLESTICK PATTERN AND CONFIRMED A DIVERGENCE TRADE SET-UP ON THE 12-26 MACD. THIS IS CERTAINLY VERY BULLISH YET I AM CURRENTLY LOOKING FOR A REVERSAL BELOW 107.75 ON USDJPY AS THIS GIVES THE MOST OPPORTUNITY GIVEN THE AMOUNT OF LONG POSITIONS CURRENTLY AT THIS LEVEL. FOMC MINUETS AT 2:00 DOVISH FORWARD GUIDANCE ON RATES COULD BE A CATALYST TO PRESUME A WEAK DOLLAR AND WASH OF CURRENT USDJPY LONGS.
