Bullish Pattern at the 100D EMA, USDJPY could go higherAfter a recent risk-off situation in the early part of this week due to the virus outbreak in China which Japanese Yen appreciating across the board, we are now seeing consolidation in USDJPY.
In fact, USDJPY has created a bullish candlestick pattern comprising off a DOJI and a bullish hammer.
What's more important is the fact that this formation has taken place at the 100D EMA.
All the above technical factor along with the fact that the stock market seems to be recovering gives us a pretty solid bullish bias.
So, I have bought USDJPY at 109.10 and will add more buys below 109 as long as the 108.70 number holds.
There is a good chance that UJ can go to 110.30 and 111 in the coming weeks.
