USDJPY: Preparing to return to the uptrend?
Updated
Hello dear friends! What do you think if USDJPY returns to an upward trend in the future?
This will be a long-term analysis for this currency pair.
Regarding the chart analysis: Karina noticed that a reverse hammer candlestick (indicated by the red arrow) has formed, marking the strong fight of the bulls as they try to push the trend back up.
In addition, using Fibonacci retracement levels to measure the extent of the first wave's pullback (yellow area), the price has reached a 0.618 retracement level and shows signs of recovery as mentioned above.
If the price action of this currency pair unfolds according to this trading idea, the resistance level and the target price of around 149.50 could be retested once again.
What about you? How do you feel about the future trend of USDJPY? Share it in the comments section!
This will be a long-term analysis for this currency pair.
Regarding the chart analysis: Karina noticed that a reverse hammer candlestick (indicated by the red arrow) has formed, marking the strong fight of the bulls as they try to push the trend back up.
In addition, using Fibonacci retracement levels to measure the extent of the first wave's pullback (yellow area), the price has reached a 0.618 retracement level and shows signs of recovery as mentioned above.
If the price action of this currency pair unfolds according to this trading idea, the resistance level and the target price of around 149.50 could be retested once again.
What about you? How do you feel about the future trend of USDJPY? Share it in the comments section!
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