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USDJPY has reached our first target, potential for further rise!

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USA-dollar/Japansk yen (FX:USDJPY)  
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FX:USDJPY   USA-dollar/Japansk yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy forexsignals
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy forexsignals
]USDJPY has shot up to our first forecasted resistance target. We’re now seeing that it has made another bullish exit of our long term descending resistance line and has formed a potential double bottom reversal. A strong bounce could occur above 106.41 support ( Fibonacci retracement, horizontal overlap support, bullish exit level) for a push up to 107.85 resistance (Fibonacci retracement, horizontal pullback resistance).

RSI (89) has made a similar bullish exit signaling a change in momentum is occurring.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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