Salzworth

Bullish Outlook on USDJPY - 12 May 2023

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Price tested a key support zone at 134 on the Daily timeframe, which is in line with the 78.6% Fibonacci retracement. A break above the confirmation level at 135.2 could provide bullish acceleration towards the resistance zone at 137.2, which coincides with the 78.6% Fibonacci extension level. Price is holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.
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