USDJPY -- 4 Hour Breakdown
USDJPY 4 Hour Breakdown
Last week USDJPY finally managed to break out of the the bullish flag forming for the last 15 months. The breakout was very strong with no pullback, however we did see an expected rejection off of the weekly 78.6% fib level in which we can now expect a shallow pullback to either of the 38.2% Fibonacci zones, or even further down to retest past resistive structure as support.
Either way, what we're looking for is either a strong rejection off of any of these support zones with clear bullish momentum to place a trade in the coming days.
Overall longer-term bias -- Bullish
Follow for more updates on this pair going into the week ahead.
Happy Trading!
Last week USDJPY finally managed to break out of the the bullish flag forming for the last 15 months. The breakout was very strong with no pullback, however we did see an expected rejection off of the weekly 78.6% fib level in which we can now expect a shallow pullback to either of the 38.2% Fibonacci zones, or even further down to retest past resistive structure as support.
Either way, what we're looking for is either a strong rejection off of any of these support zones with clear bullish momentum to place a trade in the coming days.
Overall longer-term bias -- Bullish
Follow for more updates on this pair going into the week ahead.
Happy Trading!
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