USD/JPY: Targets For Upside Breakout
Forex4you | May 27, 2015 07:06AM ET
After breaking out of its triangle USD/JPY has followed through to the upside, reaching new highs of 123.68.
It will probably move higher still, with estimates placing the target for the breakout at the 61.8% upside extrapolation of the height of the triangle, which gives an eventual target of 125.40.
However, the R3 monthly pivot at 124.25 is likely to provide an interim 'stopping off' point on the way up, where the pair will probably pause, at the very least – or even correct back. That being said at the end of the month R3 will move.
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