Some very interesting price action setting up this week across the majors, along with the global indices, but today I’m going to focus on the [B]USDJPY[/B] which is in an incredibly [B]strong bull trend[/B] ATM.
Looking at the daily chart below, we can see [B]5 bull closes in a row[/B], and this coincides with [B]5 weekly bull closes in a row[/B].
The key for the pair was taking out the 105.35 (former yearly resistance) which in doing so, confirmed the [B]breakout structure[/B] and bull trend for another leg up.
I’m looking to [B]buy on pullbacks[/B], and am open to having several positions at key layers.
An aggressive entry IMO would be around 106.03 which was a pit stop on the way to the weekly 107.33 highs this week.
Below here, there is a large support layer, starting at 105.35 down to 104.75 which I’d be open to getting long on pullbacks.
Intra-day, watch the 107.33/107.13 resistance/support zone which dominated the [B]price action[/B] on Friday, offering range plays on both sides.
Hence I’ll be a buyer on pullbacks, and look for the bull trend to continue.
Beyond 107.30/60, the [B]next major resistance comes[/B] in around [B]110.30[/B] and then [B]113.45[/B], so quite a lot of upside available.
[I]Bonne Semaine[/I] (have a good week).