USDJPY – Bullish With Corrective Price Action At Highs
My current active open trades: AUDUSD, AUDCAD, AUDNZD, US Copper
USDJPY – Bullish With Corrective Structure At Highs, But Potential Weakening (4hr chart)
Gaining almost +700 pips in the last month, the USDJPY has formed a corrective structure just below the key resistance around 115. There is some potential weakening in this structure with a failure to make new highs.
For now ST bulls have some bids/support around 113 and the ST RRL around 111.38. A daily close below here means likely some MT stops tripped.
Clearing the yearly highs has challenges above 115 so am considering a short on a potential false break.
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