💱 USDJPY - The rally may continue, but on the condition
The USDJPY is stalling after a strong rally. We should pay attention to the fact that the price is not forming a strong pullback. There is a possibility of a break through the resistance for further strengthening towards 140 and 141
TA on the high timeframe:
1) We see a pullback from 140.918 to 0.236 Fibo, where a triangle-like consolidation begins to form
2) Strong bullish trend does not allow the price to fall and after capturing the liquidity below 139.1 (false-break), the price starts to strengthen
TA on the low timeframe:
1) We see a nice and clear triangle.
2) A consolidation is formed near the level of 139.65. Most likely, the price is preparing to break it.
3) If the price breaks through 139.65, a retest of the wedge resistance will be formed. If the price breaks through the area, we will see continued growth.
4) If there will be a bounce from resistance, but the currency pair will head towards 139.00
Key resistance: 139.65
Key support: 139.33
TA on the high timeframe:
1) We see a pullback from 140.918 to 0.236 Fibo, where a triangle-like consolidation begins to form
2) Strong bullish trend does not allow the price to fall and after capturing the liquidity below 139.1 (false-break), the price starts to strengthen
TA on the low timeframe:
1) We see a nice and clear triangle.
2) A consolidation is formed near the level of 139.65. Most likely, the price is preparing to break it.
3) If the price breaks through 139.65, a retest of the wedge resistance will be formed. If the price breaks through the area, we will see continued growth.
4) If there will be a bounce from resistance, but the currency pair will head towards 139.00
Key resistance: 139.65
Key support: 139.33
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