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Title
USDJPY potential for bullish rise towards overlap support
Type
Bullish Bounce
Preference:
Looking at the H4 chart, my overall bias for USDJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market.
Looking for price to retest the pivot which is the overlap support. Expecting price to continue bullish towards the overlap resistance level
It's worthy to note that there is an intermediate resistance level where the previous swing high is. Price could reverse back down from that area.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.