vj20_fx
Long

Swing point formed - Trend Reversal?

FX:USDJPY   U.S. Dollar / Japanese Yen
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USDJPY has recently broken the downtrend it’s been in since the start of the year. We can tell the trend is no longer valid as price has formed a swing point instead of a lower high. Price has now retraced to the trend-line and even though U.S. Data had a strong short-term bearish effect on the pair. It still failed to break back through the trend-line. If we see a break of the resistance level 112.920, we could see price push even higher than the swing point to form a new higher high and a complete trend reversal. However, to be safe I have put my target at the swing point.

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