Bullish pattern observed yesterday night with the price of the USDJPY reaching new lows on the four hour chart, besides this the price did hold really well around the 118.22 support area that has been acting three times now. I left the trade to have a little more time before entering and today I entered the trade after the close of the four hour bullish candle that confirmed the morning star pattern that is leading the bullish momentum for the USDJPY now.
The price is inside two channels that are forming the price at the moment, we might see a little pullback on the bearish channel using the lower floor as a support area and after this we might see the break of this channel and a bullish move that can be leaded by the green bullish channel.
Target is around the 120.40 price range for this trade.
The price is inside two channels that are forming the price at the moment, we might see a little pullback on the bearish channel using the lower floor as a support area and after this we might see the break of this channel and a bullish move that can be leaded by the green bullish channel.
Target is around the 120.40 price range for this trade.