USDJPY Weekly Technical Outlook
Although the bullish momentum of USDJPY market operation on the weekly time frame is waning, the technical structure is bullish. The bullish candlestick printed last week failed to close above the high of the bullish candlestick of the previous week. Presently, market operation is less than 100 pips from the immediate horizontal resistance, which is at the 148.710 area (purple).
USDJPY price action on the daily time frame is in a bullish technical structure. However, it is presently consolidating as it approaches 148.710, the next horizontal resistance area (purple).
Although USDJPY price action on the H4 time frame is sideways, the technical structure is bullish. This, however, does not rule out a southward correction before a bullish drive to the next value area northward.
I may be wrong. Trade safe and prosper.
KP
Although the bullish momentum of USDJPY market operation on the weekly time frame is waning, the technical structure is bullish. The bullish candlestick printed last week failed to close above the high of the bullish candlestick of the previous week. Presently, market operation is less than 100 pips from the immediate horizontal resistance, which is at the 148.710 area (purple).
USDJPY price action on the daily time frame is in a bullish technical structure. However, it is presently consolidating as it approaches 148.710, the next horizontal resistance area (purple).
Although USDJPY price action on the H4 time frame is sideways, the technical structure is bullish. This, however, does not rule out a southward correction before a bullish drive to the next value area northward.
I may be wrong. Trade safe and prosper.
KP
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