Double bottom in play
USDJPY hit our initial 112.20 target last week, but strength was short lived and pair proceeded to retrace the vast majority of the move higher from 110.
Pair has since found support and a double bottom appears to be in play. We are looking for a move back towards 112.20 over the coming days, with a break above there confirming the double bottom setup and targeting 112.80, followed by 113.50.
A break below 110 would invalidate our bullish bias.
Pair has since found support and a double bottom appears to be in play. We are looking for a move back towards 112.20 over the coming days, with a break above there confirming the double bottom setup and targeting 112.80, followed by 113.50.
A break below 110 would invalidate our bullish bias.
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