While USD/JPY can be a real pain to trade at times (short-term basis at least) it is a good gauge as to how related asset markets will trade - specifically stocks (i.e. S&P 500).
For all of 2014 I have retained a bullish outlook on USD/JPY but it took a while for it to grab hold - see links below.
https://www.fxstreet.com/analysis/fx-technical-commentary/2014/01/06/
https://www.fxstreet.com/analysis/reports/fx-technical-commentary/2014/09/29/
After last week's chaotic price action the overall technical backdrop remains solid and if anything, the bounce off the projected lows is a good sign for USD/JPY but also equity markets in general.
As the shorter-term chart below shows though, we might still need to account for one more move lower before a sustained bounce is seen. However, in the scheme of where I see prices going, that is simply noise.
For all of 2014 I have retained a bullish outlook on USD/JPY but it took a while for it to grab hold - see links below.
https://www.fxstreet.com/analysis/fx-technical-commentary/2014/01/06/
https://www.fxstreet.com/analysis/reports/fx-technical-commentary/2014/09/29/
After last week's chaotic price action the overall technical backdrop remains solid and if anything, the bounce off the projected lows is a good sign for USD/JPY but also equity markets in general.
As the shorter-term chart below shows though, we might still need to account for one more move lower before a sustained bounce is seen. However, in the scheme of where I see prices going, that is simply noise.
Stay the course - it should be worth the wait.
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