The USD/JPY Correction May Be Over

The end of the correction will be confirmed after (or if) there is a breakout above 111.05 and the pair forms a new high compared to those it formed during its drop.

Despite everything, up until this moment there have been enough arguments supporting the idea that the upward trend has been renewed and that the long-term target is at 122.00 or even 125.00:
-The pair has broken above the downward trend channel without a doubt.

-The move to the upside from 108. 729 up until now has been in the form of an impulse and has nothing in common with the corrective rallies the pair formed during its move to the downside.
If this supposition is correct then after nine months of wide consolidation there are serious reasons to expect a strong and long-term rally.

The swap for this pair being positive is yet another serious reason (apart from the ones listed above) for the long positions that have been opened so far to be kept open and for new ones to be opened while the pair rallies.

The W1 time frame showcases the possible rally to its target to the upside.

This scenario could be invalidated in case the pair drops below 108.729.