USDJPY H4
Last week UJ tested daily support line around 117 zone....
After strong employment data from US, UJ took off and broke minor resistance lines from last weeks. However bulls paused at Triangle resistance line from 2014 December high.....
Considering this strong bullish rebound, coming week (09.02-14.02) Price might break the resistance line and target 2014 December high around 121.5 area
This bullish move might be supported by Japan's Nikkei index. Historically, the performance of USDJPY has provided a reliable correlation with Japanese equity markets.
Last week JPN225 index H4 chart price action couldn't break ichimoku cloud support zone and rebound back. PA currently formed reversed head and shoulders pattern and this might target 2007 February high around 18300 zone..
I stay bullish on UJ First TP 121.5 and beyond 122.1 TP2 124.1 (2007 June high)
Alternative downside risk....
If price breaks support line around 118 zone we might retest 2014 December low
Last week UJ tested daily support line around 117 zone....
After strong employment data from US, UJ took off and broke minor resistance lines from last weeks. However bulls paused at Triangle resistance line from 2014 December high.....
Considering this strong bullish rebound, coming week (09.02-14.02) Price might break the resistance line and target 2014 December high around 121.5 area
This bullish move might be supported by Japan's Nikkei index. Historically, the performance of USDJPY has provided a reliable correlation with Japanese equity markets.
Last week JPN225 index H4 chart price action couldn't break ichimoku cloud support zone and rebound back. PA currently formed reversed head and shoulders pattern and this might target 2007 February high around 18300 zone..
I stay bullish on UJ First TP 121.5 and beyond 122.1 TP2 124.1 (2007 June high)
Alternative downside risk....
If price breaks support line around 118 zone we might retest 2014 December low
