USDJPY has found itself at an accumulation phase a few pips below the weekly resistance. This presents a very high probability setup owing to the price mechanism of what is currently happening here. For the upward breakout to be valid, price needs to successfully break 110.032. In the event 109.657 is broken and further tested then we can expect to see a sharp decline in price towards 109.000 and a further 108.570
Comment:
Price broke 110.032 and rallied about 37 pips to the upside. Price is now sitting above the weekly Resistance level which can now serve as an area for suitable buy limits. Bullish structure will still be maintained above 110.123
Comment:
About 100pip rally to the upside upon the bullish break. Area of interest will be 110.317 going into the next trading week.