USD/JPY: The bulls are back in town – Next target sits at 100
After breaking below 94.00 a couple of weeks ago, the greenback is recovering against the Japanese Yen, with the USD/JPY hovering around the 98.00 area from the beginning of the week. The formation of two hammers in a raw in the daily chart suggests that the market could be gathering support at this area, before it grinds higher. We expect the pair to break above resistance levels at 98.7 & 99.25 and target 100 in the short-term. Be prepared for a lot or choppiness with an upwards bias. Any pullback above 96.2 could be seen as a good buying opportunity. In the alternative scenario, we would have to see a consistent break below 96, to reconsider our outlook.
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