A long awaited relief rally could be underway here. The most heavily traded JPY crosses all seem to have a significant amount of room to the topside and that should make bullish progress easier for USD/JPY
Technicals: The dominant downtrend looks like it might be about to take a breather but we should not forget that the bears are totally in control here so don’t buy breaks, buy deep dips. The break above 82.00 was a bullish event but there are likely to be trailing stops building below there. Remember also that Asia is usually bearish on the USD.
Conclusion: Buying dips preferred but patience required. Initial parameters are at 82.00/82.80 but my preferred entry level on fresh longs is at 81.40.
