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Charts: Why USD/JPY Could Head MUCH Higher
USD/JPY has been on a tear lately but this could be the beginning of an even stronger rally. I don’t use Ichimoku charts at all but this pattern is so significant that I have to mention it. The first chart shows that we are at the cusp of a weekly close above the Ichimoku close which is VERY rare. Over the past 18 years, USD/JPY has CLOSED above its weekly cloud only 4 times (not counting this one) and in 3 out of those 4 instances, a very sharp rally in USD/JPY followed.
1995 break -- USD/JPY rose from 97 to a record high above 146
2000 break -- USD/JPY rose from 108.50 to a high above 134
2005 break -- USD/JPY rose from 108.50 to a high of 124
2009 break -- FALSE BREAK
2012 break -- ????