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USDJPY Rally to new highs or just a retrace?


Mercury

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Speaking of USDJPY  where are you on this one?  There has been a strong rally of late and I am wondering if it is near time to cash longs or whether there is a bit more to go yet.

 

On the daily chart the market had recently broken through a strong down-sloping tramline and resistance zone but on the 4 hourly and hourly the move seems to be coming to an end.  A possible confluence of EW count, tramline and resistance zone puts a possible move end at in the region of 11185.

 

In terms of the big picture I am left wondering if this is a retrace of the down trend or a reversion to the up trend for a higher high?  If the USD catches a bid from Fed rate rise and uncertainty elsewhere then a new higher high must be a possibility right?  Similar set up for USDCAD BTW, thought there you have Oil impacting as well.

 

Thoughts?

 



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