After the
huge drop that followed the Brexit referendum USD/JPY reached the support at
100.00 and could not break below it, then started moving to the upside and it
has almost recovered the aforementioned drop, reaching a high at 106.31. The
question now is whether or not USD/JPY will continue moving to the upside,
because the pair has formed a shooting star candlestick on the daily time-frame
below the resistance at 106.31, which is an indication that we may see a
retracement in the near future. If the signal proves false, however, and the
pair breaks above 106.31 there will likely be a further move to the upside
towards the high at 106.80, and if it breaks out above that level as well we
will likely see it reach 107.80, which is (MA)89 on the daily time-frame.
Let's see.
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