I see USDJPY moving upward for the following reasons:
1- failed to make a new low, lower than the previous low @ 130.50
2- touched a Demand zone.
3- made a double Bottoms with Divergence @ RSI
4- Broken 2 weekly trend lines and a local small trend line.
5- got rejected from a 200 DMA.
We must see a break in momentum through the Fib level 23.60 and 61.80 for that scenario to occur.
After that, the price will attempt to reach 141.50, which is a strong resistance zone, before going back to retest the previous resistance zone @138.9 to print a daily head and shoulders pattern.
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Feel free to share your thoughts in the comments, and kindly support the idea with a like. Your support is greatly appreciated!
1- failed to make a new low, lower than the previous low @ 130.50
2- touched a Demand zone.
3- made a double Bottoms with Divergence @ RSI
4- Broken 2 weekly trend lines and a local small trend line.
5- got rejected from a 200 DMA.
We must see a break in momentum through the Fib level 23.60 and 61.80 for that scenario to occur.
After that, the price will attempt to reach 141.50, which is a strong resistance zone, before going back to retest the previous resistance zone @138.9 to print a daily head and shoulders pattern.
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Feel free to share your thoughts in the comments, and kindly support the idea with a like. Your support is greatly appreciated!
