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USDJPY is overall bullish in the weekly TF, but i doubt we may go higher without a retracement.
USDJPY was able to break out from the black down trending channel as at the 1st of march 2021.
it broke resistance at the 117.600 area now support, broke another at the 123.400 area with a very strong bullish candle.
USDJPY has successfully approached the nearby support @ 131.00 area, in order for price to obey market structure, we expect price to retrace a little bit at the 123.400 area then boom to our major resistance.
Remember to always follow your trading plan regarding entry, risk and trade management.
USDJPY is overall bullish in the weekly TF, but i doubt we may go higher without a retracement.
USDJPY was able to break out from the black down trending channel as at the 1st of march 2021.
it broke resistance at the 117.600 area now support, broke another at the 123.400 area with a very strong bullish candle.
USDJPY has successfully approached the nearby support @ 131.00 area, in order for price to obey market structure, we expect price to retrace a little bit at the 123.400 area then boom to our major resistance.
Remember to always follow your trading plan regarding entry, risk and trade management.
