USD/JPY - In an up-cycle into mid-January 2019
USD/JPY has followed a nice string of up- and down-cycles since 2011 and in mid-February USD/JPY entered into its next up-cycle that will last to mid-January 2019.
Especially the period into late summer and autumn 2018 should prove strong and a strong upside acceleration could be seen during this time-window. It doesn't mean that USD/JPY can't continue to rally to the end of this up-cycle in mid-January 2019, but the tendency is a strong rally to the mid-time of the cycle and then the rally flattens and goes sideways.
I do expect the resistance-line from the 125.86 peak in June 2015 to be broken for a continuation higher to at least 114.37 and ideally closer to the June 2015 peak at 125.86.
I have marked the rally from the June 2016 low at 98,96 to the mid-December 2016 high at 118.67 and the following decline to the March 2018 low at 104.61 as wave 2, but they could as well be marked as wave A and B in a large zig-zag correction in an unfinished flat correction from the 125.86 peak. However, for now our focus should towards the upside only interrupted by temporary minor correction.
Short-term, I'm looking for such temporary minor correction from the current peak at 110.46 closer to support in the 108.54 - 108.85 area before moving higher again to challenge the resistance-line from the 125.86 peak.
Especially the period into late summer and autumn 2018 should prove strong and a strong upside acceleration could be seen during this time-window. It doesn't mean that USD/JPY can't continue to rally to the end of this up-cycle in mid-January 2019, but the tendency is a strong rally to the mid-time of the cycle and then the rally flattens and goes sideways.
I do expect the resistance-line from the 125.86 peak in June 2015 to be broken for a continuation higher to at least 114.37 and ideally closer to the June 2015 peak at 125.86.
I have marked the rally from the June 2016 low at 98,96 to the mid-December 2016 high at 118.67 and the following decline to the March 2018 low at 104.61 as wave 2, but they could as well be marked as wave A and B in a large zig-zag correction in an unfinished flat correction from the 125.86 peak. However, for now our focus should towards the upside only interrupted by temporary minor correction.
Short-term, I'm looking for such temporary minor correction from the current peak at 110.46 closer to support in the 108.54 - 108.85 area before moving higher again to challenge the resistance-line from the 125.86 peak.
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