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USDJPY – Bullish Price Action Above Key Support Zone | Mar 16
USDJPY – Price Action Looking Like Its Building for a Breakout (1hr chart)
After selling off impulsively from 122, the USDJPY found some solid bids at 121. This didn’t mount any aggressive buying, but a 2nd dip into the support zone between 121 and 120.75 increased the bids efforts, and its held above 121 since.
The price action is looking like its building for another upside attack and potential breakout above 122. Watch for weak corrective pullbacks into the key support zone. Upside targets are 122 and 124.15. Only a daily close below 120.50 negates the bullish price action short term.
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