#USDJPY has been in a strong uptrend for some time but will this continue or will a retracement phase offer short opportunities?
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The weekly chart for USDJPY could give us an insight into the JPY strength in the market. In the week ahead analysis we looked at the strength meter and identified the JPY starting to bounce from the lows showing a sign of strength.
Looking at the weekly chart of USDJPY we can see the market is in a strong uptrend however with the recent strength we could see the price entering a retracement phase. If the price enters a retracement phase we should see the 4hr time frame form a bearish trend.
The 4hr Chart
As we can see from the 4hr time frame the price has broken out of the range making a new low. If the price is going to continue lower we should see a lower high form which will offer us a short opportunity. If the price goes lower the next key support zone to target is 112.00, where strong buyers could continue the major trend.
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