$USDJPY - Retracing to Value
USDJPY Weekly tweezer failing to break above key resistive zone at $114.37 inside descending triangle formation pattern. Not helping the situation were strengthening common wealth pairs ; eurusd, usdcad, sterling, over the past few trading sessions, pushing usdjpy into lowest weekly range. As a result, looking for a furthering retrace to interim support level at $112.19, failure to hold this barrier, would see it falling into lower zone at $110.22 on worst case scenario. This would be value, as I would take this long on an anticipation of a sudden upward reversal in the near term, due to bullish engulfing proving momentum set up in prior weeks. This pair WANTS to breakout of the triangle.
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