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T3-Consultancy

USDJPY H1: Bullish outlook seen, further upside above 132.50

Long
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
T3-Consultancy  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns DJ FXCM Index USDJPY usdjpylong usdjpybullish Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern usdollar usdjpy usdjpylong usdjpybullish forex forexsignals forextrading
Price is currently hovering above a key support zone at 132.50 on the H1 timeframe. A throwback to this support zone, which coincides with the 78.6% Fibonacci retracement, could provide the bullish acceleration to the resistance zone at 133.80, in line with the 161.8% Fibonacci extension. Price is holding above the 20 EMA and Ichimoku cloud, while Stochastic RSI is in the oversold region below 20, supporting our bullish bias.
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