*After a period of consolidation at the 50 week MA of no less than three months, the USDJPY pair looks ready to continue it's longer term trend higher.
*This SMA (50 week sma) has been a decent bull / bear line since 2008. See red / Green ovals denoting interactions. When price was in a downtrend it acted as resistance (red ovals). Since late May 2012 it has acted as support (green ovals).
*With a weekly close over 105 looking for price to try to achieve 112-114 measured move objective.
*Weekly closes below 100 USDJPY would negate this bullish setup but I would use a weekly close below 50 weekly sma (currently 101.87) as a tighter stop loss.
*This SMA (50 week sma) has been a decent bull / bear line since 2008. See red / Green ovals denoting interactions. When price was in a downtrend it acted as resistance (red ovals). Since late May 2012 it has acted as support (green ovals).
*With a weekly close over 105 looking for price to try to achieve 112-114 measured move objective.
*Weekly closes below 100 USDJPY would negate this bullish setup but I would use a weekly close below 50 weekly sma (currently 101.87) as a tighter stop loss.
