Could USDJPY be headed to the upside? Technicals may be leaning bullish on USDJPY and here’s why:
- Triple bottom formation currently forming (possible indicator of a reversal).
- Using bullish bias on the daily chart, price is currently hovering on the 50 level of the Fibonacci indicator, which can be used as high indication for bullish swings.
- Lastly, EURUSD has recently double topped (possible indication of reversal to the downside) which is known to oppositely correlate with USDJPY.
If USDJPY fails to hold this key area, we could see a tumble to the mid 110 zone before any robust evidence of upcoming bullish events. Thoughts?
- Triple bottom formation currently forming (possible indicator of a reversal).
- Using bullish bias on the daily chart, price is currently hovering on the 50 level of the Fibonacci indicator, which can be used as high indication for bullish swings.
- Lastly, EURUSD has recently double topped (possible indication of reversal to the downside) which is known to oppositely correlate with USDJPY.
If USDJPY fails to hold this key area, we could see a tumble to the mid 110 zone before any robust evidence of upcoming bullish events. Thoughts?