Is USD/JPY about to spring back to life?
USD/JPY fell around -12% from its October high to December low, but is showing signs of a potential bullish reversal.
USD/JPY managed to hold above the 133.62 low and formed a higher low with a Doji, which is part of a 3-bar bullish reversal pattern (Morning Star Reversal). The 200-day EMA is also providing support. Prices have fully recovered the losses following the US CPI report, and now testing trend resistance. A break above 138.2 assumes bullish continuation and confirms a trend reversal on the daily chart. 140 and 142.50 are potential bullish targets.
USD/JPY managed to hold above the 133.62 low and formed a higher low with a Doji, which is part of a 3-bar bullish reversal pattern (Morning Star Reversal). The 200-day EMA is also providing support. Prices have fully recovered the losses following the US CPI report, and now testing trend resistance. A break above 138.2 assumes bullish continuation and confirms a trend reversal on the daily chart. 140 and 142.50 are potential bullish targets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.