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Chart of the Day:
USD/JPY Review- Bull Market On The Daily Chart
Overall View: Looking for a temporary top around 92.00 the region
Momentum: The pair moved into Short mode on the 11th of November and is just now starting to move higher, after the Bank of Japan instigated a new round of quantitative easing and the Government revealed budget reforms that provide the consumer with economic stimulus.
TheLFB Charting: USD/JPY Daily Elliott Wave view
Daily chart trend: Mixed. Main price points: 84.80. Looking for: Bull market
Recent trade saw the market bounce powerfully from the 84.80 area where wave C) low of a larger short (Y), of a complex black wave 5 pattern, was completed. Traders should focus on long Usd-Jpy positions in the medium term since the long term bear market has been reversed.
Currently, the market is threatening the trend line resistance shown above, which may send the pair lower from 92.00.
The RSI indicator is in a Long mode.