The setup is being contructive on the USD/JPY with a possible material base on top of the 80,00 support.
We still need though to see the market establish above 81,00 for an acceleration to the upside.
USD/JPY – 4-hour chart
We always keep a close eye on this pair as it usually duplicates very well the US Dollar but we must say that we have been disappointed by the lack of follow through and momentum on this market for quite some time.
Everytime we think a trend is building, the market reverses its course. This situation won’t last forever though.
Things might be changing significantly this summer.
For the time being, we will watch this range limits 80,00 and 81,00 before building our strategy.