Currently: Cash Looking to: Buy @ 104.41
As of 2/19/21 close: 105.396
LAST WEEK: We suggested selling longs / getting short of USDJPY at 105.497 with stops on shorts on a close above 105.60 and with a target for covering at 101.18.
UPDATE: The USDJPY easily broke through the potential bearish resistance at 105.497 and rallied up to 106.182 completing five waves higher in the process. A pullback has commenced that should offer aspiring bulls a chance to enter.
We would look to get long of USDJPY at 104.41 with stops on a close below 103.31 and with an upside target of 108.30.