USD/JPY has been stuck in some kind of range of late, after a long period of gains. What do the technical levels say? The team at Goldman Sachs offers an in-depth technical analysis for the pair: Here is their view, courtesy of eFXnews: USD/JPY seems to be consolidating into the 4th wave of a sequence which began in July, notes Goldman Sachs. “There have been two highs set against 120.74-120.80 on Dec. 23rd and Jan. 2nd which if broken should ultimately suggest that the final impulsive leg higher is likely underway,” GS adds. “For now, it appears to be an unfinished ABCDE pattern which might need to consolidate further before resuming it’s underlying trend. The 55-dma should act as important support, currently at 117.21; it has held all of the lows since the start of the current wave count in Jul. ’14,” GS adds. Beyond this near-term price action, GS thinks that the ultimate target appears to be ~124. “This level includes a 2.618 extension target for wave 5 (and v) of a sequence that began in ’12 (and a minor one from Jul. ’14). It also satisfies the target for a very large declining wedge formed off the peak in Jul. ’07 (124.14). All in all, it’s really the ideal target for one final up thrust in USDJPY,” GS projects. “Once ~124 has been reached (and/or signs of a material top develop), it could eventual mean the end of the rally for some time and the start of a multiyear period of correction/consolidation,” GS adds. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next Why EUR Sell-Off Is Set To Extend Even If ECB Yohay Elam 8 years USD/JPY has been stuck in some kind of range of late, after a long period of gains. What do the technical levels say? The team at Goldman Sachs offers an in-depth technical analysis for the pair: Here is their view, courtesy of eFXnews: USD/JPY seems to be consolidating into the 4th wave of a sequence which began in July, notes Goldman Sachs. "There have been two highs set against 120.74-120.80 on Dec. 23rd and Jan. 2nd which if broken should ultimately suggest that the final impulsive leg higher is likely underway," GS adds. "For now, it appears to be an… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.