The Yen to take a Dump vs the Dollar. BUY UJ tomorrow AM

Long

U.S. Dollar / Japanese Yen (OANDA:USDJPY)

OANDA:USDJPY U.S. Dollar / Japanese Yen

Trend Analysis Chart Patterns usdjpylong higherhigh structure Technical Analysis topdownanalysis Fibonacci Retracement

trendanalysis chartpattern usdjpylong higherhigh structure technicalanalysis topdownanalysis fibonacciretracement

USDJPY is overwhelmingly bullish now that price has retraced on the Daily timeframe to form a Higher Low. From the top down its very evident that higher highs are on the horizon. There was some weekly indecision at the high last week at a strong resistance level. After a Daily bullish correction trendline was broken price retraced bearish to re-test the back of a trendline, 78.6 Fibonacci level, as well as a 3rd trendline bounce. This is all confluence for a long set-up. Last Thursday (5/4) and Friday 5/5) created two indecision candles on top of structure as well as a reversal signal in the mix. This is a recipe for a Long bias. A clear daily set up. Higher high. Higher low. Indecision on top of support. Price is currently on the buy side of two strong trendlines. I'm looking for a re-test to go long. for another Higher high, potentially to the next weekly Level.

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