The USDJPY pair on the 4H timeframe is forming a bullish structure, showing signs of continuation to the upside. The price is currently trading above key moving averages and consolidating near a resistance-turned-support zone, indicating potential bullish momentum.
Additionally, the formation resembles an inverse head and shoulders pattern, a strong bullish reversal signal. A successful break and retest of the 151.200 zone could confirm further upside movement, with the next key target around 156.700. However, failure to hold above the support zone may lead to a deeper retracement before resuming the uptrend.
Additionally, the formation resembles an inverse head and shoulders pattern, a strong bullish reversal signal. A successful break and retest of the 151.200 zone could confirm further upside movement, with the next key target around 156.700. However, failure to hold above the support zone may lead to a deeper retracement before resuming the uptrend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.