USD/JPY pulls back towards support cluster around 133

Updated
USD/JPY has pulled back from the April high, yet the strong bullish structure of the 1-hour chart suggests it can try to break to a new cycle high. Today’s low has found support at the 20-hour EMA and April 4th high. And volumes are now trending higher, and a bullish pinbar on higher volumes suggests demand above 133, which is just beneath the daily pivot point.

• The bias is bullish above 133 and for a break above the April high
• The initial target is the daily pivot point, just below 134.50
• A second target to consider is the R pivot, around the daily R2

Trade closed manually
We didn't quite reach target but it should have been adequate enough to have at least moved stop to break even or better.
Candlestick AnalysisForexjpyPivot PointsSupport and ResistanceUSDJPYusdjpy1hrusdjpyanalysisusdjpybuyusdjpylongusdjpysetupyen

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