USDJPY – Attempting to Form a Bullish Base (1hr chart)
Fairing better than most JPY pairs, which all got hammered to end last week, the USDJPY has been forming a short term bullish base around 117.38. You’ll notice the double bottom and pin bar rejections off those lows, showing intra-day buying interest and bids willing to step in there.
For now, I’m expecting another leg up to re-attack the 119 highs. The ST key support zone for the pair is between 117.38 and 116.95 so am open to buying in this range. After 119, we have stiff resistance ahead in 120. Only a daily close below 116.95 sours the MT bullish trend.
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