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T3-Consultancy

USDJPY H8: Bullish outlook seen, limited upside above 135.20

Long
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
T3-Consultancy  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns usjdpy USD jpy usdjpylong usdjpyshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern usjdpy usd jpy usdjpylong usdjpyshort forex forextrading forexsignals
On the H8 time frame, prices are testing the demand zone at 135.20 in line with 78.6% Fibonacci retracement where we could see a further upside above this zone, to the next resistance zone at 138.50. The 138.50 resistance zone is a graphical area that was tested multiple times as a support before prices broke below this level and coincides with the Fibonacci confluence levels. Stochastic is testing support at 3.07 as well where we could see a bounce above this level, in line with prices.
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