USDJPY – Pullback Likely, Looking to Get Long (1hr Chart)
The USDJPY price action has stalled just above the 114.45 resistance, now dropping 75 pips since. Considering the jump 4 handles over the last few days, this seems natural. I’m suspecting a slightly larger pullback is on the cards before bulls step in to make a new leg up.
I’m maintaining a bullish bias while above 110, so will look to get long at key levels along the way. I’ll consider longs at the first pullback zone around 112.96/63, the second being 111.90, and the last being 110.30.
Upside targets are 114.45, 119.50 and 125 as I suspect the major bull run I’ve been talking about is just getting to its middle stages with more to go.
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