USDJPY ANALYSIS
Updated
- After price finally made it's bullish push and breaking out above the resistance trendline, I am expecting price to pullback and test that area, creating a higher low.
Price broke out above but ultimately ended up respecting/meeting resistance at the 110.0 major point.
Price also retraced and tested the 78.6 fib level then ending it what appears to be a shooting star candlestick (which also shows signs of bearish pressure/reversal potential.
Because price formed a HH than the previous, I am expecting price to retrace and then continue it's bullish momentum.
But before the retracement I think price will either open up higher or try to make another push and meet resistance and then began it's retrace.
Overall I have a bullish bias.
Note
Price has moved in the bullish direction as expected.
I am still expecting price to test the upper resistance trendline
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