USD/JPY – Dollar/yen moves higher, waiting for a pull back to get long
Price moved up to the high side of the recent trading range at 115.30 in the USD/JPY last week, exactly testing that level and a little above, before reversing on Friday forming a small bearish pin. This market is now quite bullish overall, after putting in several lows at 111.60-112.50 area. We could see a temporary pull back this week and that could provide a buying opportunity to get long, in-line with the near-term momentum. This week, we see support between 112.50 – 113.70 and we prefer to look for a buy signal after a pull back.
USD/JPY Daily Chart
Original post source: www.learntotradethemarket.com