Short Term USD/JPY Idea

Strategy
Buy 105.35 for 106.10 or 107.20. Stop at 104.75

Technical View
USD/JPY – Price could be in a consolidation within a Pennant chart pattern at the moment. This is a continuation chart pattern which means price is likely to move higher to test the previous high of 105.75 in the next few days. MACD is bullish and moving higher but Stochastic is in the overbought zone at the moment. 20EMA is pointing up with a steep slope, which is a hint of a strong bullish price trend. Based on the Pennant chart pattern, the price target for this move is 107.20

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