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USDJPY: Bullish Setup
U.S. Dollar / Japanese Yen
Long
USDJPY: Bullish Setup
By linofx1
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May 8
3
May 8
One of the currency pairs that appears to be showing bullish signs today is USDJPY, following a test of an important horizontal support level.
The price broke above a resistance line in a falling wedge pattern and also surpassed a strong horizontal support level.
These two bullish signals suggest a likely continuation of the upward trend.
The potential targets for this bullish movement are 156.04 and 156.99.
Candlestick Analysis
Support and Resistance
Wedge
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