Diamond Pattern is Pushing the Yen to 155.00
The USDJPY is moving up against all odds. Investors are waiting for the Bank of Japan (BoJ) to intervene in the market, but this doesn’t seem to be the option now. The Yen left the 150.00 strong psychological level behind and it is now rolling to slightly above 151.00. The BoJ keeps silencing. This prompts a buy opportunity as the USDJPY has exited the Diamond pattern to the upside.
It would be much better to wait for the USDJPY to move above 151.70, the high of the diamond pattern and open long trades after it if the BoJ continues to remain silent. A sound retest of the 151.00 level from the upside would signal a secure long trade with a target at 155.00 and the stop-loss at 148.20.
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