USDJPY: This pair is now in final phase of impulsive rally from 75.56 (23-10-2011).  Blue wave 5 of red wave 5 is in progress and the ideal target for this wave is near 132-135 area where red wave 5 also finish and we expect long term top of this pair. But for now as long as previous low (weekly hammer) is intact we expect an impulsive rally towards 130 area. Position traders can buy at any price from here with adding lots near 118.30 with stop loss below the last week hammer can target 130 area or even higher.

muhiuddin