UsdJpy- 131 zone holds the key
Since the end of October last year, UsdJpy has dropped 2500 pips from top to bottom.
However, considering the rise of 50% of the pair since the beginning of 2021, this is just a correction of the long-term trend and, in fact, the pair seems to have found a bottom exactly in 50% Fibo retracement of this strong bull leg.
At this moment the pair is consolidating under the important 131 resistance, and a break above this level could lead to gains to the 135 zone resistance in the medium term.
I'm bullish on this pair, waiting for confirmation though
However, considering the rise of 50% of the pair since the beginning of 2021, this is just a correction of the long-term trend and, in fact, the pair seems to have found a bottom exactly in 50% Fibo retracement of this strong bull leg.
At this moment the pair is consolidating under the important 131 resistance, and a break above this level could lead to gains to the 135 zone resistance in the medium term.
I'm bullish on this pair, waiting for confirmation though
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