This pair is now firmly Bullish both technically and fundamentally following the Fed rate hike and the current state of the Japanese economy.
On the weekly timeframe we are in a clear uptrend and the daily showed signs of that continuing by making a new higher high recently. We retraced back to the 50% fib level and have now broken back above the key 121.80 support/resistance area. I an now long looking for the first target back at the recent 123.75 highs followed by 125.00.
Longer term we could see new weekly highs up at 127.00 and 128.00
On the weekly timeframe we are in a clear uptrend and the daily showed signs of that continuing by making a new higher high recently. We retraced back to the 50% fib level and have now broken back above the key 121.80 support/resistance area. I an now long looking for the first target back at the recent 123.75 highs followed by 125.00.
Longer term we could see new weekly highs up at 127.00 and 128.00