USDJPY – Looking Set to Extend Gains
For the first time since Jan. of this year, the USDJPY has formed 3 bear candles in a row. Although this may seem intimidating for bulls, I am expecting price to go higher, minimally retesting the current yearly highs at 84.18, probably during the london session.
Rarely ever do tops create a forex price action appearance like we are seeing on the daily chart, with a strong bull candle, then three doji-like pullbacks. With the high of the first doji printing at 84.18, and the low of the last bull candle at 82.85, in essence we have our short term range and thus our lines in the sand. If price breaks below …... Keep reading