USDJPY: Mapping levels
USDJPY seems to have launched a very strong uptrend from an intermediate term consolidation.
I think we will see a pullback very soon, which could be a buying opportunity.
Currently to have a balanced distribution curve, we'd need to see a move extend past the low volume resistance, and hit 122.976, which could then act as a potential top and reversal level.
I'm not trading this pair yet, but looking at it for an entry.
It'll be interesting to see if this trend launches into a weekly uptrend or not, which remains entirely possible, but not yet confirmed, nor even hinted at by price action.
Good luck,
Ivan.
I think we will see a pullback very soon, which could be a buying opportunity.
Currently to have a balanced distribution curve, we'd need to see a move extend past the low volume resistance, and hit 122.976, which could then act as a potential top and reversal level.
I'm not trading this pair yet, but looking at it for an entry.
It'll be interesting to see if this trend launches into a weekly uptrend or not, which remains entirely possible, but not yet confirmed, nor even hinted at by price action.
Good luck,
Ivan.
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