The USDJPY price has recently broken through a minor downward trend which could see the price rally higher in the short term.
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The USDJPY price has recently found support and the downward trend has ended in the short term as the price looks to break back towards the recent resistance around 129.37. The price of USDJPY could continue to move higher as the stock markets begin to rebound along with the US treasuries. The USDJPY and the US10YR Yields are highly correlated and they have found buyers around the 2.7% zone.
Now the price has formed a new high on the 4hr time frame we can look for opportunities to the resistance level. The price is trading above last week’s value area high and buyers are stepping in on retracements which could offer an opportunity on the break of the last bearish 4hr candle high. This could invite buyers to step in again if the price was to break higher. The alternative would be to wait for the price to retest the previous week highs and wait for a bullish reaction for a move higher.
Have you seen our EURJPY analysis? You can watch it here.
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