USDJPY Looks Poised To Test 112.00 And Beyond

USDJPY – Dollar/yen strength continues, resistance coming into play

Our recent bullish bias on the USD/JPY remains and we are looking to buy after the recent bullish reversal off 109.00 long-term support. The market has sustained some upward momentum as we can see by last week’s price action which shows several bullish tailed bars on the daily time frame, suggesting prices may try to push higher into 112.00 area or possibly higher.

As mentioned in last week’s members commentary, the weekly chart shows two successive bullish pin bars, which is further evidence price may head higher in the short term.

USD/JPY Daily

Source: Learn To Trade The Market

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