USDJPY - Date: 1/7/2013
The weekly chart paints a very bullish bias due to following factors.
1. Strong uptrend
2. Correction ended at
a. T1 (previous resistance),
b. 38% retracement
c. Bullish reversal candlestick pattern
To trade, targets are as follows.
Target 1 : 103 - T3
Target 2 : 110 - T4
Digging deeper into 4hr chart, the price has broken out of consolidation and resumed the move to the upside.
The weekly chart paints a very bullish bias due to following factors.
1. Strong uptrend
2. Correction ended at
a. T1 (previous resistance),
b. 38% retracement
c. Bullish reversal candlestick pattern
To trade, targets are as follows.
Target 1 : 103 - T3
Target 2 : 110 - T4
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| USDJPY Weekly chart |
Digging deeper into 4hr chart, the price has broken out of consolidation and resumed the move to the upside.
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| USDJPY 4hr chart |
