USD/JPY Bulls Are Bouncing Off the Price Above Demand

USD/JPY Technical Analysis

• Breakout above previous inside bar
• Rejection from support
• Order block is close
• M H4 is the possible target

DAILY CHART USD/JPY

1. Order block
2. Inside bar
3. Bounce zone
4. Target

The USD/JPY has formed a bullish inside bar, or multiple inside bars. The scenario is looking bullish as long as the price holds above 115.00. The NFP made the dollar go lower but it has consolidated since. We should see a move up towards 115.82, 116.38 and 116.55. If 115.00 holds this is the scenario. Break above 115.50 should accelerate the move but momentum is still low. Have in mind that the pair is reacting strongly on fundamental data/news so watch out for any dollar related news in the schedule.

Cheers and safe trading,

Nenad