USDJPY – Approaching Key RRL, ST Price Action Bullish| Jan 26


USDJPY – Bullish But Just Under Key RRL (4hr chart)
Very much like the GBPJPY, the USDJPY price action has been finding the bid all week, up about +200 pips over the last 4 days. However the pair is coming up against a key RRL around 115.24, that had 2 touches as resistance and support since Dec last year.

I’m expecting some profit taking, however a weak corrective pullback from here would suggest bulls are going to make an honest attempt to clear this level and target the 117-118 zone.

Only a daily close below 112.45 would negate my MT bullish bias.

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