- How long the rebound could be after escaping from the Falling Wedge pattern?
USD/JPY swing higher continues and the price should approach and reach new upside targets. The pair will extend its upwards movement if USDX and JP225 will continue to increase.
Technically, USD/JPY is on an upside path after escaping from a major Falling Wedge reversal pattern. The rate could be boosted by good US data later today. The ADP Non-Farm Employment Change is expected around 48K, the Final Services PMI could decrease from 57.5 to 57.4 points, while the ISM Services PMI may drop from 57.2 to 56.7 points.
USD/JPY Strongly Bullish!
USD/JPY aims at the R1 (105.22) level after failing to come back to test and retest the broken Pivot Point (104.39) level. Closing above the R1 could attract even more buyers. The near-term upside target remains at the red ascending pitchfork’s median line (ML).
I believe that a temporary decline could help the traders to catch another bullish momentum towards the median line (ML). The median line (ML) acts as a magnet and it should attract the price in the end.
The broken Falling Wedge pattern signaled a potential increase towards 108.00 psychological level in the medium term. The current upwards movement could represent only the first upside impulsive wave.
A temporary, minor, retreat could bring a good long opportunity with the target at the median line (ML). Also, jumping and closing above the R1 (105.22) represents a bullish signal with an immediate target at the R2 (105.77) level.
The material has been provided by InstaForex Company – www.instaforex.com
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