USDJPY is still bought on dips

1 min read


USDJPY has withstood a big pullback after a disappointing US Retail sales results yesterday. However 118.00 still holds and any pullback could be used for buying into dips towards 120.40 and 120.80. On the technical chart we can spot a forming M pattern which is very hard to break now due to a cluster of technical support levels.

Historical and near term wicks indicate buying off from 118.90 and 118.50 zones. H4 chart also shows a higher low on forming M and 78.6+L3+Trend line are making a confluence on the first POC, POC2 is deemed a bigger pullback within the trend context ( double bottom + L4 ) towards above mentioned targets.

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