USDJPY Poised for Potential Reversal as Price Holds the Support
The USDJPY 4-hour chart has just closed right at the key 61.8% Fibonacci support level, which is a bullish signal in itself. Additionally, the uptrend trendline is holding steady, adding further weight to the bullish case.
However, to confirm this potential uptrend, it's important that the price remains above the current demand zone. If this is the case, we could expect to see a relatively strong pullback to the upside in the mid-term, providing an excellent opportunity for bullish traders.
However, to confirm this potential uptrend, it's important that the price remains above the current demand zone. If this is the case, we could expect to see a relatively strong pullback to the upside in the mid-term, providing an excellent opportunity for bullish traders.
Trade closed: target reached
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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.