I posted yesterday (in Yen Cross Ichimoku Analysis) that USDJPY shows 3 Yaku Koten (3 big Bug signals).
And I told you that I am Bull on this pair.
However practically, it is safe to say that this currency pair has been in the range bound of 122.50 – 124.50 range. (as shown below)
The top of the range is 124.50 ish, which is also called “Kuroda ceiling” as Mr. Kuroda mentioned earlier at the congress that he didn’t think the price would go higher. For the bottom, some people may argue it should be 123.00, rather than 122.50 ish, which I also agree, based on the recent price action. Until the price breaks either top or bottom of the range, I am going to plan Range Bound trade with the Stochastics. I am assuming it may be the end of Summer when the price breaks up. But we will see…