USD/JPY Has Room To Move Higher

Price has broken above Tuesday’s high of 105.90. Price could be doing an ABC correction of the decline from 112.40 to the recent low of 101.18. The ABC correction has a possible target of 108.025 or 108.85.

Stochastic is rising, which is supportive of a price rally. MACD is bullish and both its lines are rising, which is indicative of a bullish trend.

If looking at long position for 108.025, a buy entry at current 106.60, a stop at 105.25 is required. If that is too much, one can wait for a possible retreat close to the breakout point at 106.00 to enter.

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