Is USD ready to bounce back against JPY?
Updated
We saw USDJPY slight reversal on last month's closure. On the H4 timeframe, we had seen the market trade lower in a falling channel, which is usually a reversal pattern once breached. We had seen a series of LLs and LHs then the market made a low around 127.30 before leaving a new HL, signaling a potential reversal.
Market then breached and closed outside the channel at the end of last week and also closed above 130.50 resistance.
Could we see a pullback back into 130.50, whilst also retesting the broken channel, then see a continuation to 134.50
Market then breached and closed outside the channel at the end of last week and also closed above 130.50 resistance.
Could we see a pullback back into 130.50, whilst also retesting the broken channel, then see a continuation to 134.50
Trade closed: target reached
USDJPY rallied as expected and target was reached
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