Technical outlook;
USDJPY bulls remain poised to be in control until prices stay about 103.18 lows. The currency pair is seen to be trading around 104.26 at this point in writing and might be looking to resume its rally soon. Immediate support is seen towards 103.65, followed by 103.18 and 101.18, while resistance is seen towards 106.00, 107.00 and 109.86 levels respectively. A push through 106.00 would confirm that bulls are back in control and a meaningful bottom is in place around 103.65 levels respectively. The overall structure also indicates that bulls should remain in control until prices stay above 101.18 lows which was print in March 2020. Potential remains for a push above 111.75 in the next several weeks. USDJPY remains bullish for now and buying on dips is recommended.
Trading plan:
Remain long, stop @ 103.00, target is 111.75
Good luck!
