USD/JPY W H5 Breakout Indicates Bullish Continuation

2 min read
tarantula fx

tarantula fx

Head of Trading

USD/JPY has formed a T1 pattern just below W H5/ M H4 resistance. If the price closes above 110.60 we should see a bullish continuation.

The price moved above W H3 and W H4 and hit the important W H5 level. This is the strongest weekly resistance. If we see a 4h candle close above it, the price could make a further bullish move towards 110.97 and 111.37. However, have in mind that the W H5 has made a confluence with M H4 so there is still a possibility of M H4 breakout. In that case we might see the above-mentioned levels and eventually 112.10 by the end of this month.

Many green pips,
Nenad Kerkez aka Tarantula FX

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