My long term bias for USD/JPY is currently set as bullish.
It seems a bullish ABCD pattern is forming, with the previous week bouncing from the 107.50 key level looking to form the C leg. Although price is currently in a short term bearish trend, looking at the bigger picture I favour the bullish momentum confirmed by multiple confluences. This pair holds a very strong technical strength score of +7 with a bullish cross of SMA's on the daily.
For an entry opportunity I will be stalking to hourly time frame, I would like to see a slight pullback with price forming a new higher low looking to ride this long up to 114.500 as a short term target and further to 118.600 to complete the ABCD pattern for a longer term holding.
It seems a bullish ABCD pattern is forming, with the previous week bouncing from the 107.50 key level looking to form the C leg. Although price is currently in a short term bearish trend, looking at the bigger picture I favour the bullish momentum confirmed by multiple confluences. This pair holds a very strong technical strength score of +7 with a bullish cross of SMA's on the daily.
For an entry opportunity I will be stalking to hourly time frame, I would like to see a slight pullback with price forming a new higher low looking to ride this long up to 114.500 as a short term target and further to 118.600 to complete the ABCD pattern for a longer term holding.