The usd/jpy has reached a critical support area around
79.50. The pair is creating a bullish divergence on the MACD Histogram
indicator, suggesting a coming up move. Just to make it clear, a divergence is
when prices are going in the opposite direction of an indicator (see daily
chart). On the weekly chart we can see a Doji candlestick closing above the 21
MA. Now, if the weekly session will close like this, a break of weekly high
will trigger a bullish move. The target for this move will be, first 80.55 and
finally 81.75. Therefore, watch for the closing of the weekly candle, and if
this scenario will happen SL should be placed below 79.40.
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