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USD/JPY

- The USD/JPY is in a rally from 79.70 to 81.40, finishing the 5th wave, or wave (e), of a rising wedge. – At the completion of (e), the RSI has failed to break above 80.70, and thus failed to establish convincing bullish momentum. Note that the 80.70 pivot is also near the 200SMA reading. – A bearish outlook has a near-term target of 80.70. If the market is turning bullish, it should respect this as support. Otherwise, we could be in a range-bound market with further bearish targets in the short-term starting in the 80-80.25 range and more aggressively towards the 79.70 low.

Will the USD/JPY remain in ranging mode for rest of Q3?

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