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USDJPY: Rallies to 110.000?

Monthly Time Frame: Starting on the monthly we can see how price fell all the way down to 102.000 key psychological monthly support and rejected all the way back above 106.000 key psychological zone.


Weekly Time Frame: Scaling down we gain more insight on this swift reversal back above 106.000 key monthly psych. Now we can see we are testing back above 106.000 as newfound support.


Daily Time Frame: Scaling down further we can see strong bullish momentum especially with the strong engulfing candlesticks that managed to break 106.000 resistance. Now we have a bounce or break scenario.


4Hr Time Frame: Scaling down to the 4Hr we can see price managed to break the down trend and retest as support. Reading the candles, we can see some slowdown. If price manages to stay above 106.000 we can anticipate longs to 110.000, next monthly zone. Although if price manages to break and close back below 106.000 key psych, then anticipate shorts to 104.000, key zone. Due to uncertainty of market fluidity, risk management is highly recommended.


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