As I have previously mentioned, I believe the USDJPy is heading for the 135.00 area. The Daily count is showing that the B wave down has ended in a Y wave triangle and the pair is in a 3rd wave up or at least a nested 1-2.
If this is a nested 1-2 then I would expect the pair to pullback and test the broken trendline created by the pitchfork. If it is the wave 4 then some consolidation before another move higher.
The RSI is in good shape here above the 70 line and showing bullishness in the pair. I have highlighted a few times in the past were the RSI has gone above 70 and stayed there for some time.
If this is a nested 1-2 then I would expect the pair to pullback and test the broken trendline created by the pitchfork. If it is the wave 4 then some consolidation before another move higher.
The RSI is in good shape here above the 70 line and showing bullishness in the pair. I have highlighted a few times in the past were the RSI has gone above 70 and stayed there for some time.
