USDJPY

USDJPY is on a bulls run. The previous week’s bull has been brought forward into Monday’s closure breaking the previous daily resistance’s level of 109.641 and closing above at 109.942.

Tuesday’s candlestick closure gave me a hint that a short retest is about to happen. The 3-pin formation is starting to form on the daily. I am expecting a pullback on USDJPY back into the levels of previous daily’s resistance level 109.641, which now becomes a support level , before continuing the bull’s run.

Also, I am expecting the bull to run into the regions in between 110.492 to 110.684 where it is sandwiched between a daily’s resistance level and a weekly resistance level . We can expect long periods of consolidation in between that region due to it being the higher timeframe’s resistance level .

I am anticipating an intra-day short on this pair. Perhaps from the levels of 109.950 to 109.650. After that, I will get out of this trade to watch this pair reverses to the upside.