**Monthly Chart**
The long-term directional bias is still bullish. There were lots of rejections around 150 levels in Oct 2022 and then in Nov 2023 and the price is moving towards that target again. If the USDJPY is able to break that level then I will be looking for the price to reach 160 which was the swing high of the year 1990 (another historical level).
In Jan 2024 the price tested the previous swing low and pushed higher creating a manipulation candle. This is another strong indication for the price to sustain the move higher as most of the sellers got stopped out and created liquidity targets above the swing high.
**Weekly Chart**
There is a manipulation candle on the weekly swing high of Nov 2023 which is also a Ring High formation if you look at it as a bar chart. The question is will the price reject and move lower or will the price break it and move higher? I am still leaning towards the strong bullish bias and this means any retracements is a buying opportunity to go higher unless I see otherwise. USDJPY is currently at a critical level.
**Daily Chart**
You might see a selling opportunity to take if the price is approaching the high on the daily chart around the 152 level. This is the exit target for the majority of the buyers. While I see that any selling trades will be short-lived.
I am still holding a buying position on USDJPY and my next target for this week is around the relative daily equal highs.
The long-term directional bias is still bullish. There were lots of rejections around 150 levels in Oct 2022 and then in Nov 2023 and the price is moving towards that target again. If the USDJPY is able to break that level then I will be looking for the price to reach 160 which was the swing high of the year 1990 (another historical level).
In Jan 2024 the price tested the previous swing low and pushed higher creating a manipulation candle. This is another strong indication for the price to sustain the move higher as most of the sellers got stopped out and created liquidity targets above the swing high.
**Weekly Chart**
There is a manipulation candle on the weekly swing high of Nov 2023 which is also a Ring High formation if you look at it as a bar chart. The question is will the price reject and move lower or will the price break it and move higher? I am still leaning towards the strong bullish bias and this means any retracements is a buying opportunity to go higher unless I see otherwise. USDJPY is currently at a critical level.
**Daily Chart**
You might see a selling opportunity to take if the price is approaching the high on the daily chart around the 152 level. This is the exit target for the majority of the buyers. While I see that any selling trades will be short-lived.
I am still holding a buying position on USDJPY and my next target for this week is around the relative daily equal highs.
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