USD/JPY coming back above medium-term trend. Following the strong drawdown of the USD/JPY of over 300 pips nearly hitting a long-term support level at 106 is likely to bounce back in the near future. With a positive outlook on unemployment, retail sales, housing starts next week the dollar is likely to pass above the low-lying medium-trend (bottom green line) - as long as the predictions are correct. Furthermore, earlier in the week the price hit the 0.236 Fibonacci retracement level and swiftly bounced back showing more upward momentum and a stronger sign of a reversal. Place a buy stop at around 108, look to take profit at levels nearing/above the green line with the higher gradient.
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Price has fluctuated in a range and it has not hit the 108 level. Cancel the trade as the market has changed.