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U.S. Dollar / Japanese Yen
Long

USDJPY → Attempting a trend change. Retest 149.0

By RLinda
Updated
USDJPY is testing range resistance in the rally phase caused by Friday's news - strong NFP report. The fundamental backdrop within the short-to-medium term is set...

snapshot

From the opening of the session a small correction is forming, the aim of which may be a retest of the support or imbalance zone and consolidation of energy before a further breakout. The market structure is locally bullish on the background of the dollar growth. The Japanese authorities are still silent about their actions to strengthen the national currency (either they think about it or don't think about it :) ), so traders are increasing JPY sales in order to buy USD.
The first retest of the resistance at 149.4 failed (bounce). Emphasis on 0.5 fibo or 147.2 support from which the growth may resume...

Resistance levels: 147.38
Support levels: 147.5, 147.2, 146.15

On the chart there are preconditions for the change of the local trend to a bullish one, the fundamental background is favorable for this. If the bulls will keep the defense above the support and continue to test the resistance with a breakdown target, then in the short-term-senior perspective we can catch the forging of the impulse to 152.0.

Rate, share your opinion and questions, let's discuss what's going on with ★ USDJPY ;)


Regards R. Linda!
Note
Resistance level: 149.38*
Trade active
snapshot
The price is in the order activation zone.
A rebound is being formed...
Trade closed: target reached
Target 1 reached!
Trade closed: target reached
snapshot
All targets reached!
Chart PatternsconsolidationDescending ChanneldistributionFibonacci RetracementFLAGFLATFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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