On USDJPY monthly chart, we see a strong uptrend starting from low set in second half of 2011. Highs were set around 125.85, which was over 2 years ago. As a result of this movement, there was a correction that abolished 50% of that growth impulse (100.80).
Looking at weekly chart below, it seems that downward correction has ended with a strong upward momentum, which pushed pair to around 118.62 but again there was also a correctional movement, which also carried 50% of the last impulse. Currently price heads in direction of 114.35.
On H4 chart, there is a short-term bullish trend, which is supported by the trend line drawn from 108.80. Also significant is support at 112.07. Taking into account bullish trend also present at higher intervals, it seems sensible to seek opportunities to buy with a target near 114.35.
Looking at 15 minute interval, it can be noted that market after growth impulse is currently stuck in consolidation between 112.84 and 113.45. In this situation, breaking out from it should give us signal of potential return to growth.
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