ethan_invest

Analysis on USDJPY for the upcoming week

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY
My analysis on USDJPY for the upcoming week, on the 4 hour timeframe.

USDJPY has been on a bullish impulse ever since testing and bouncing off the previous minor support zone, broke through a minor trendline and is continuing to rise to the next major resistance zone at 137.5.

I believe it is strong enough to break through the resistance at 137.5 and either retest, or just straight through at around 138.8 to 140.

On the other hand, price may reject the resistance at 137.5, and retest all the way back to 135.5, or continue to retest the minor trendline, and than may have a bullish impulse to test that 137.5 and possibly break through.

Will be watching price action following Monday during the London session, to either go into a long or short position, depending on price action and news.

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