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USDJPY, Retracement Before The Next Leg Up?
The dollar is in a strong uptrend against the Japanese Yen, however, it seems it's time for a retracement. On low time frames, the price has formed a rising wedge that is now confirmed. The pair broke through the lower boundary and probably will continue down until the next support, which is near 133. We should see a bounce once the price reaches this zone.
If the dollar continues dropping after that, the main support at 130.5 should hold and USDJPY should rebound.
So the idea here is to buy the dip, when reversal signs appear on lower time frames.
If the dollar continues dropping after that, the main support at 130.5 should hold and USDJPY should rebound.
So the idea here is to buy the dip, when reversal signs appear on lower time frames.
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