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Yesterday’s Summary
The price have break above strong resistance level and now have stopped at 109.622 level. Bearish Pinbar’s could not stop the price moving higher but at this level we have now small pullback.
Outlook for USD/JPY
We could see the price moving back down to 109.269 level. There it could make bullish price action signal because the whole outlook looks bullish.
Major level that price could stop is 110.119 that has in the past stopped buyers from reaching higher levels.
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USD/JPY Bullish Scenario
Bullish scenario will be confirmed if the price pulls back down and make a bullish price action signal next to 109.269. If the signal appears we could enter into the trade and set stop loss below 108.717 and take profit around 110.119.
USD/JPY Bearish Scenario
Bears need to move the price below 108.717 in order to see further move down. More realistic scenario is to wait for the price at 110.119 and bearish price action signal.
If the bearish signal appears we could enter and set stop loss at 110.320 with take profit target at 108.820.
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