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USDJPY: Can Bulls Break?


Monthly Time Frame: Starting on the higher time frames, we can see price is creating lower highs as price is testing our trend line for the 4th time in confluence with 111.000 key psychological zone.

 

Weekly Time Frame: Scaling down to the weekly, we can see that price tapped 101.000 key psychological support and managed to reject all the way back to resistance. Reading price action we can see that this is a strong area of supply and demand.

 

Daily Time Frame: Reading the daily time frame, we can see that price is starting to slowdown. If price manages to stay below this zone we can anticipate pullbacks.


 

4Hr Time Frame: If price manages to stay below this resistance zone, we can look for shorts back down to 106.000 key psychological zone. Although if price manages to break through this 111.000 key resistance, then we can potentially see 117.000 next key monthly zone. Due to uncertainty of market fluidity, risk management is highly recommended.


 

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