USD/JPY has been consolidating the whole year after the volatile moves in March. I do see the downtrend momentum coming to an end and a bullish continuation. we will have to see it break above key levels and remain above to see bulls taking over.
USD/JPY May rise 100+ pips
Insight - Price is moving in an upwards trend within a channel and has slightly broken out of the within an ascending channel and testing strong resistance at 110.95 so price is likely to rise.
Intraday - 4H
Buy or Above 119.95
Target TP: 112.19 & 113.13
Sell or Below: 119.95
UJ seems that is respecting the little trend line, but I think it will break soon. I am seeing a nice inverted head and shoulder pattern to continue long.
We will be looking for long entries on monday on the right should which is also located in the 38.2% of Fibo.
Let me know your comments about this pair.