USDJPY rejects bullish trend line, faces resistance

The USDJPY pair tested a yearly bullish trend line and was quickly rejected. There may be a candlestick formation called a "shooting star" on the daily time frame, and a reversal candlestick pattern formed on the 4-hour chart, ending with a bullish engulfing candle. Based on the above, the price is likely to rise to touch the weekly bearish trend line, which is also the location where the 38.2 Fibonacci level and the 50-period moving average on the 4-hour chart meet. However, we may see another downward price reaction at that point.

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Trade active

Trade closed: target reached:

Price moved exactly as analyzed and hit the 2 targets