27.02.2014 - Strong movement is expected on the yen
On the chart USD/JPY has formed the figure - "triangle".
We expect a strong movement after breaking through the boundaries of the triangle. The signal to open long positions will be fixing of price above 102.70. Target levels will be at 104.70 and 105.40.
We recommend to open short positions after the price fixation below the level of the nearest local minimum, which is located near 102.00. In such case a price can fall to the psychological mark of 100.00.
Breaking through is likely to take place today after 23:15 when will start to be released the statistics in Japan, but at the same time an increase in volatility is possible today after the release of data on the labor market and the durable goods orders in the U.S. After the exit from the triangle the growth of price more probable.
We maintain our positive outlook for the USD/JPY.