USD/JPY Uptrend Resumes as IO Pattern Appeared

2 min read
tarantula fx

tarantula fx

Head of Trading

USD/JPY Technical Analysis

  • Uptrend continues
  • W H5 is next
  • M H4 provides continuation
  • The scope for 130 will be open

4H Chart USD/JPY

  1. Low
  2. High
  3. Second touch
  4. IO pattern
  5. Target

Despite Gov Kuroda’s speech where he was worried about the Yen weakness, Yen slightly jumped then went back retracing gains. USD/JPY formed an IO pattern that is bullish, so the next target should be 127.41. If it breaks then the way towards 130.00 is open. The structure on H4 is clearly bullish and I bought the cross.

Good trading,
Nenad Kerkez

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